MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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CNH: 5.00 Remains Magnetic

AUD

AUD/CNH has wavered around the CNH5.0000 mark within a narrowing range this year. The rate last sits at CNH5.0073, 60 pips better off on the day. There has been little to give the rate a clear sense of direction, with China's latest trade data provoking a muted reaction.

  • China's trade surplus widened in Dec, despite expectations to the contrary, with both imports and exports increasing more than forecast (in USD terms).
  • The bullish 50-/100-DMA crossover seen towards the back end of last week generated a very limited topside impetus so far. Bulls need a push through Jan 7 high of CNH5.0405, the best level of this year, before taking aim at Aug 31, 2020 high of CNH5.0692. Meanwhile, losses past Jan 11 low/trendline support at CNH4.9706/05 would encourage bears to target Jan 4 low of CNH4.9403.
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