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Continues To Rally

CNH

The PBOC has raised the parameter for cross-boarder funding to 1.5 from the prior 1.25, effective from July 20. The move is aimed at improving funding sources for companies and financial institutions from a cross-board standpoint. Essentially this may allow greater capital inflows at a time of yuan weakness.

  • This last time the ratio was raised was in October last year (see this link for more details). Then it was raised to 1.25 from the prior 1. At that time USD/CNH was trending towards 7.3500.
  • Post today's move, aided by the CNY fixing, which was much stronger than expected, USD/CNH is back sub 7.2000 (last 7.1950/60), +0.50% higher in CNH terms for the session.
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