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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 AccessLarge Liquidity Drain Sees Yuan Gain
The PBOC fixed USD/CNY at 6.4847 around 19 pips higher than sell side estimates as the PBOC again demonstrate its asymmetric response to yuan strength.
- So far in January misses against sell side estimates have totalled 203 pips, while the whole of December totalled 97 pips with fixings usually higher than expected, which indicates the PBOC's preference for a weaker yuan.
- The China Foreign Exchange Trade System (CFETS) has adjusted the weightings in its currency basket starting earlier in January. Analysts noted the move, which reduces the impact of USD comes as China seeks to reduce its dependence on the greenback for trade and finance. At the time analysts said the changes could affect mid-point.
- Yesterday the rate remained stubbornly below 6.50 – last trades at 6.4789, taking a leg lower after a large liquidity drain, even with LNY and tax payments looming.
- The bank drained a net CNY 278bn after a big (CNY 280bn) injection last Tuesday, CNY 250bn are scheduled to roll off tomorrow.
- On a related note, in a 21st Century Business Herald piece PBOC adviser Ma Jun beseeched the government to put a stop to asset bubbles, adding he saw bubbles in the stock market and real estate.
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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.