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Offshore Yuan Weakens, PBOC Injects Liquidity

CNH

Offshore yuan is weaker, USD/CNH up 90 pips at 6.4791 and moving above yesterday's high, the pair twice rose to 6.4789 yesterday before retreating and eventually closing the session flat. The PBOC injected a net CNY 40bn via OMO's today, the second day of injections and bringing August additional liquidity to CNY 80bn. There was a piece in the China Securities Journal which said that in addition to liquidity injections another RRR cut in Q4 can't be ruled out.

  • 1-month CNH implied volatility declines a third day to 3.945%; 1-month risk reversal also drops a third day to 0.4825%
  • Elsewhere. there were reports from the US that China-U.S. Financial Roundtable have scheduled a meeting to strengthen financial sector ties and bolster bilateral relations. China's SAFE released a statement late yesterday and said it would promote opening the capital account and facilitate cross-border trade/investment.
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