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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free Access###: CNY SEES STRONGEST CLOSE SINCE......>
CHINA YUAN: ###: CNY SEES STRONGEST CLOSE SINCE DEC 2015
Yuan rose 0.41% from Friday to 6.4417 against the U.S. dollar to close at 16:30
local time.
- This compares with the close of 6.4680 on Friday.
- WHY: MNI understands through market sources that clients of commercial banks
held onto their dollar assets concerned by the sharp gain of the yuan due to the
weak dollar.
- With thin liquidity, this prompted the yuan to rise by as much as 500 pips in
the morning trading session. In the afternoon, when the yuan broke the 6.42
level, some of banks' clients started buy dollars, which dragged down the yuan
by over 200 pips.
- PBOC set the yuan central parity rate at 6.4574, stronger than Friday's
6.4932, highest fixing since May 3, 2016.
- The yuan's close was highest since Dec 10 2015.
* Data from China Foreign Exchange Trade System.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.