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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 AccessOffshore Yuan Gains, China's Inflation Figures Miss Expectations
Spot USD/CNH took a dip after the release of China's inflation data, with both main indices missing expectations. Consumer price growth slowed to 1.5% Y/Y in December, while factory gate inflation eased to +10.3%, leaving policymakers more space to implement pro-growth initiatives.
- Note that the PBOC earlier set their yuan reference rate at CNY6.3658, 13 pips below sell-side estimate, but the release of inflation data clearly took precedence.
- Spot USD/CNH trades -60 pips at CNH6.3714 as we type, printing its worst levels in a week. Further losses past Jan 5 low of CNH6.3660 would give bears a green light for targeting Dec 31 low of CNH6.3379. Conversely, a rebound above Jan 6/Nov 26 highs of CNH6.3976/99 would give bulls some retrieve.
- Later this week, focus will move to China's trade balance, due Friday. Headline trade surplus is expected to widen a tad.
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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.