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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.
CNH
Offshore yuan is stronger, USD/CNH last down 18 pips at 6.5729 as the greenback continues its decline, support is seen at 6.5708. The PBOC fixed USD/CNY at 6.5649, 3 pips below sell-side estimates. The last time the PBOC fixed above sell-side estimates, indicating a preference for a weaker yuan, was 10 sessions ago.
- Sino-US tensions continued to simmer, in the latest development US Senate minority leader McConnell said the US must work with partners to impose consequences on China over Hong Kong.
- Elsewhere, there are reports that Li Bo has stepped down as vice mayor of Chongqing in order to accept an appointment as a deputy governor of the PBOC.
- Several markets are closed for holidays today, (details available in previous bullets), which is expected to keep newsflow light and volumes thin during the session.
- Fig.1: PBOC Fix v Estimates & USD/CNH
Source: MNI/Bloomberg
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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