MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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CNH Trading With A Firmer Bias, Dollar Indices Edge Down From Recent Highs

CNH

After touching fresh highs in earlier trade, USD/CNH is tracking with a softer bias now. The pair got near 7.0990, but we now sit back closer to 7.0800 (lows were close to 7.0750). Onshore USD/CNY spot has also traded with a softer bias, back to 7.0700, after opening closer to 7.0800.

  • The CNY fixing was again close to neutral. Onshore equities were also trading with a softer tone in early dealings.
  • The USD is slightly offered elsewhere, which is also likely aiding sentiment for CNH. The BDDXY was last off 0.1% to 1246.70/80.
  • Earlier headlines crossed around the meeting between the US Commerce Secretary and China's Commerce Minister in Washington. Both sides spoke about issues but promised to keep communication lines open re trade concerns (see this link for more details).
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