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PBOC Injects Net CNY96 Bln Tues; Rates Unchanged

CHINA PBOC INJECTS CNY415 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1132 TUES VS 7.1159

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China's Central Bank To Peruse Bulk Dollar Purchases (RTRS Sources)

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EM Bullet Fixed Income News Homepage Bullet Markets Emerging Markets News Foreign Exchange News

MNI (London) - The latest RTRS sources piece notes that “China's central bank is tightening its scrutiny of bulk dollar purchases by domestic firms, at a time when the Chinese currency faces mounting depreciation pressure.”

  • “Companies that need to purchase $50 million or more will now need approval from the People's Bank of China, which convened a meeting with some commercial banks over the weekend on the matter.”
  • No notable move in USD/CNH in the wake of the story crossing (save a small downside blip to test CNH7.3000, which faded), with the yuan comfortably firmer on the day and the market becoming used to such back-channel efforts from Chinese policymakers re: limiting the speed and scope of yuan weakness.
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MNI (London) - The latest RTRS sources piece notes that “China's central bank is tightening its scrutiny of bulk dollar purchases by domestic firms, at a time when the Chinese currency faces mounting depreciation pressure.”

  • “Companies that need to purchase $50 million or more will now need approval from the People's Bank of China, which convened a meeting with some commercial banks over the weekend on the matter.”
  • No notable move in USD/CNH in the wake of the story crossing (save a small downside blip to test CNH7.3000, which faded), with the yuan comfortably firmer on the day and the market becoming used to such back-channel efforts from Chinese policymakers re: limiting the speed and scope of yuan weakness.