MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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CNY Fixing - Another Fresh Cyclical High

CNH

The USD/CNY fixing printed at 7.1768, versus a Bloomberg consensus of 7.2323.

  • Today's outcome was a -555 pip surprise, which compares to -392pips last Friday. This outcome is still away from recent wides, -950pips recorded on the 20th of October.
  • The actual fixing printed another fresh cyclical high, which is likely to keep expectations around further depreciation pressures in place.
  • USD/CNH has spiked higher post the fix, reaching 7.2915, above highs from Friday's session. We are back to 7.2860/70 now. Firmer USD sentiment against the majors is also a factor (notably USD/JPY is back at 148.20, +0.40% on last week's closing levels).
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