-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessData Provoke Limited Reaction Despite Slowdown In Retail Sales Growth
Spot USD/CNH has wavered this morning, eventually landing in negative territory, with all eyes on local data releases. The rate last trades -27 pips at CNH6.3714. Bears need a sell-off past Dec 8 low of CNH6.3305 to gain some fresh momentum, while bulls look to a move through Dec 10 high of CNH6.3893 towards the 50-DMA at CNH6.3938.
- The yuan shows muted reaction to the release of China's November economic activity indicators, which were a tad worse than anticipated. Industrial output rose marginally faster than expected but retail sales growth slowed more than forecast. Fixed assets and property investment missed expectations by a narrow margin, while the unemployment rate unexpectedly edged higher to 5.0% from 4.9%.
- The decline in China's new home prices accelerated in November amid ongoing crisis in the local real estate market. Headline figure fell 0.33% M/M after a 0.25% dip recorded in October. As a reminder, September saw the first dip in home prices since 2015.
- Earlier, the PBOC rolled over CNY500bn of MLF operations, leaving the rate unchanged at 2.95%. In conjunction with the maturing of CNY950 of MLF loans, this meant a net drain of CNY450bn. Note that the RRR cut announced last week takes effect today and the PBOC said that banks will use part of the unlocked funds to pay back maturing MLF loans.
- Worth noting that the HKMA said that the PBOC will sell CNH5bn 6-month bills in Hong Kong next week.
- The yuan fix was uneventful again, with the reference rate set just a handful of pips above sell-side estimate.
- Meanwhile, Sino-U.S. tensions continue to simmer, with the Uyghur Bill winning the approval of the House of Representatives. Separately, BBG reported that the White House mulls tougher sanctions on China's flagship chipmaker Semiconductor Manufacturing International.
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.