CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NEER Dips 0.50% As Yuan Lags Broader USD Sell-Off, Caixin Services PMI Out Today

CNH

MNI (Australia) USD/CNH finished lower for Thursday's session, near 7.3265, a modest 0.12% gain in CNH terms. The currency's overall beta to USD moves remains very low. Dips to 7.3220 remained supported post yesterday's Asia close. USD/CNY finished up at 7.3143, while the CNY NEER (J.P. Morgan index) fell nearly 0.50% to 123.16, as the yuan continued to lag the post FOMC USD sell-off.

  • CNH continues to lag the pull back in US-CH yield differentials. An offset remains from weaker equity trends. To recap, the CSI 300 lost near 0.50% yesterday, we did see a better tone to the Golden Dragon index in US Thursday trade though, up over 2% (but still down for the week).
  • Today on the data front we have Caixin services PMI print for October. The market consensus is 51.0 (although there is only 7 survey respondents). The prior read was 50.2. The composite Caixin PMI will also print for October, the prior read being 50.9. Preliminary Q3 current account data is also scheduled for today.
  • Elsewhere, an ex PBOC advisor stated that China growth next year could be stronger than 2023 growth (see this BBG link).
  • Surging short term rates remains the other focus point, following the October end liquidity crunch (see this RTRS link).
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

To read the full story

Close

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.