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MNI: PBOC Net Injects CNY8 Bln Via OMO Fri; Rates Unchanged

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CNH Outperforms USD Rebound

CNH

(MNI Australia) USD/CNH maintained familiar ranges post the Asia close on Thursday. From lows just under 7.2700 we got back close to 7.2950, before back towards 7.2800 by the NY close. We track slightly higher in early dealings on Friday. This left CNH slightly firmer for Thursday's session (~0.10%), bucking the trend of a stronger USD elsewhere (+0.40% for the BBDXY). USD/CNY closed at 7.2800, while the CNY NEER (J.P. Morgan index) was around flat at 121.75.

  • In the equity space, to recap the CSI 300 ended +0.73% firmer on Thursday, closing above the 3700 level. Northbound Stock connect flows were positive (3.2bn yuan) for the first time since early August. The authorities urged pension funds and some banks to boost equity investments (see this link for more details).
  • In Thursday US trade, the Golden Dragon index lost -0.66%, although the index is still above levels from the end of last week.
  • Our policy team’s exclusive (click here for the full story) noted that traders and policy advisers are acutely aware of the difficulties that the PBoC faces when it comes to defending the CNY7.30 mark in the onshore yuan, flagging continued use of the yuan’s mid-point fixing and offshore liquidity restrictions as the current preferred tools for the Bank.
  • The local data calendar is empty today, with July industrial profits out on Sunday. Next Thursday the official August PMIs print.
  • Note US Commerce Secretary Raimondo arrives in China on Sunday, staying until the 30th of August.
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