Free Trial
AUSSIE 10-YEAR TECHS

(U2) More Stable But Still Fragile

USDCAD TECHS

Trend Structure Remains Bullish

US TSYS

Cautious Risk Appetite Gains Momentum

AUDUSD TECHS

Key Support Still Exposed

US STOCKS

Late Equity Roundup: 2W Highs

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 Access

In-Line PBOC Fix Brings Short-Lived Reprieve To Yuan

ASIA FX

The yuan showed some volatility around the PBOC fix in a generally mixed session for USD/Asia crosses.

  • CNH: Offshore yuan briefly strengthened as the PBOC set the mid-point of permitted USD/CNY trading band virtually in line with sell-side expectations. The uninspiring fixing came on the heels of fairly strong weak bias (~100 pip deviation) displayed by the PBOC on Wednesday. While this return to normalcy signalled the PBOC's measured approach in managing yuan moves, resultant redback strength proved short-lived. Spot USD/CNH staged a dynamic rebound, rallying to its best levels since Oct 6.
  • KRW: Spot USD/KRW crept higher, despite solid preliminary trade data released out of South Korea. Shipments grew 16.9% Y/Y in the first 20 days of the month, driven by buoyant demand for semiconductors.
  • IDR: The rupiah firmed at the margin, struggling to find notable catalysts. Indonesian Planning Min Monoarfa said the government targets 2023 GDP growth of +5.3%-5.9% Y/Y.
  • MYR: Spot USD/MYR continued its sharp rally, but failed to take out yesterday's multi-month high of MYR4.2915. Malaysia's CPI data will hit the wires tomorrow.
  • PHP: Spot USD/PHP edged lower. Philippine FinSec Dominguez said that the authorities are watching the pace of policy normalisation in the U.S. as they are drafting their own stimulus withdrawal plans. He also outlined ambitious growth targets, pointing to the need to reduce debt burden associated with Covid-19.
  • THB: The baht weakened, but stayed within a familiar range. Spot USD/THB printed fresh multi-month highs on Wednesday.
237 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

The yuan showed some volatility around the PBOC fix in a generally mixed session for USD/Asia crosses.

  • CNH: Offshore yuan briefly strengthened as the PBOC set the mid-point of permitted USD/CNY trading band virtually in line with sell-side expectations. The uninspiring fixing came on the heels of fairly strong weak bias (~100 pip deviation) displayed by the PBOC on Wednesday. While this return to normalcy signalled the PBOC's measured approach in managing yuan moves, resultant redback strength proved short-lived. Spot USD/CNH staged a dynamic rebound, rallying to its best levels since Oct 6.
  • KRW: Spot USD/KRW crept higher, despite solid preliminary trade data released out of South Korea. Shipments grew 16.9% Y/Y in the first 20 days of the month, driven by buoyant demand for semiconductors.
  • IDR: The rupiah firmed at the margin, struggling to find notable catalysts. Indonesian Planning Min Monoarfa said the government targets 2023 GDP growth of +5.3%-5.9% Y/Y.
  • MYR: Spot USD/MYR continued its sharp rally, but failed to take out yesterday's multi-month high of MYR4.2915. Malaysia's CPI data will hit the wires tomorrow.
  • PHP: Spot USD/PHP edged lower. Philippine FinSec Dominguez said that the authorities are watching the pace of policy normalisation in the U.S. as they are drafting their own stimulus withdrawal plans. He also outlined ambitious growth targets, pointing to the need to reduce debt burden associated with Covid-19.
  • THB: The baht weakened, but stayed within a familiar range. Spot USD/THB printed fresh multi-month highs on Wednesday.