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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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Free AccessFirmer PBOC Fix Fails To Prop Up Offshore Yuan
Spot USD/CNH has generally moved in sync with the BBDXY index, showing a muted reaction to the 30th consecutive stronger-than-expected PBOC fixing.
- The mid-point of permitted USD/CNY trading band was set at CNY7.1103, 647 pips below the sell-side estimate. The yuan appreciation bias is largest since Sep 29, when the People's Bank fixed the yuan reference rate 729 pips below the expected level.
- On Tuesday, the PBOC's monetary policy dept reiterated that it will prevent big fluctuations in FX rates, but officials think that the currency market is able to achieve balance by itself.
- Spot USD/CNH last trades +117 pips at CNH7.1850. The high print of Sep 28 provides the initial layer of resistance at CNH7.2674, while bears keep an eye on Oct 5 low/50-DMA at CNH7.0127/6.9578.
- Later this week, China's inflation and trade data for the month of September will hit on Friday.
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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.