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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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Free AccessFix Eyed For PBOC Stance Clues
The PBOC fixed USD/CNY at 6.4746, weakening the yuan by 141 pips. Sell side estimates predicated a fixing some 22 pips stronger for the yuan, but is much more in line than the 95 pip discrepancy yesterday which markets interpreted as a signal the PBOC were uncomfortable with too much strength in the yuan.
- USD/CNH was trending lower, but has bounced off a session low of 6.4583 post-fix.
- Little reaction seen to trade data. Exports rose 7.1% Y/Y in yuan terms in December against estimates for a 10.9% rise. Imports fell 0.2% against expectations of a 0.1% rise, the trade balance rose to a surplus of CNY 516.81bn from CNY 507.1bn. The figures in yuan terms paint a more pessimistic picture than USD figures owing to positive conversion effects.
- Earlier the Trump administration decided against banning American investment in Alibaba, Tencent and Baidu on the grounds that they had ties to the Chinese military. Trump also amended a November executive order that banned transactions in Chinese military linked companies to include possession as well as sale/purchase.
- There were reports after market yesterday that China had taken further steps to slow down capital inflows by increasing the QDII outbound portfolio investment quota by $9bn. The quota is not $125.7bn.
To read the full story
Sign up now for free trial access to this content.
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.