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PBoC Becoming More Activist Against CNY Strength

FOREX
  • G10 FX has understandably been range-bound and muted so far Monday, with UK and US bank holidays keeping price action and news headlines particularly thin.
  • Although developed markets are quiet, much focus remains on China as the PBoC have become more activist in their approach to muting disorderly CNY strength. Effective June 15th, the PBoC have raised the FX reserve requirement ratio for financial institutions to 7% from 5%, a move that will prompt banks to diversify out of CNY and into the likes of USD and EUR.
  • Consequently, USD/CNH bounced off multi-year lows printed this morning at 6.3525 and trades north of 6.37 a pixel time.
  • Despite the UK and US market holiday, there remain a few notable data releases Monday: German CPI, Indian GDP and Canadian current account balance numbers are due, although there are no notable central bank speakers.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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