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Free AccessFallout From 2020 Bund Summit, CPC Leadership Meeting Eyed
Local headline flow (largely the fallout from the 2020 Bund Summit in Shanghai) from over the weekend has been easily digested and USD/CNH has edged higher amid broader caution/demand for USD. The PBoC set its central USD/CNY mid-point at CNY6.6725, marginally above BBG est. of CNY6.6711.
- Over the weekend, Director General of the PBoC's international division Zhu told the Bund Summit in Shanghai that China has identified "some kinds of complications in the domestic and overseas situations" during attempts to advance the internationalisation of the yuan. Zhu said that domestic regulators will be more proactive in facilitating the process, for instance by promoting bilateral currency-swap agreements and improving cross-border yuan settlements and payments infrastructure.
- During the same event, PBOC Ex-Gov Zhou signalled that China plans to allow the deferment of debt repayments by some countries.
- Current Gov Yi told the Summit that China remains committed to further opening up its financial sector, but should watch out for potential risks and set up various "firewalls". He backed further market-oriented internationalisation of the yuan alongside the financial opening-up.
- China's Vice Pres Wang struck similar tones, as underscored the need to boost the country's ability to manage risks, such as excessive speculation, financial bubbles and fraud, as it opens up its economy.
- Elsewhere, the Central Committee of the CPC convenes for a four-day closed-doors meeting today, to debate the main tenets of the upcoming five-year economic plan for 2021-25. Party leadership is expected to focus on hammering out the details of the doctrine of "dual circulation", with some expecting officials to replace a numerical GDP growth target with some qualitative description.
- USD/CNH trades +79 pips at CNH6.6757 at typing. Bulls look for a move through the 23.6% recovery of the YtD high - YtD low slide/Oct 13 high at CNH6.7620/53 before targeting the 50-DMA at CNH6.7914. Bears need a retreat under Oct 21 low of CNH6.6278 to see the resumption of broader downtrend and bring the CNH6.60 mark into view.
- Chinese industrial profits are due Tuesday, while official PMI data comes out on Saturday.
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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.