MNI China Daily Summary: Wednesday, December 11

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PBOC Injects Liquidity, Yuan Fixing Slightly Softer Than Expected

CNH

Spot USD/CNH has jumped and last sits +51 pips at CNH6.4580, with the latest uptick taking the rate above yesterday's high. Bulls look to further gains past Sep 7 high of CNH6.4648, while bears need a fall through the CNH6.4261-44 support zone to regain poise.

  • The PBOC set their central USD/CNY mid-point at CNY6.4527, 7 pips above sells-side estimate.
  • China's central bank also injected net CNY90bn via OMOs today, noting that they want to keep liquidity stable at the quarter-end. Worth noting that the quarter-end coincides with China's wee-long holidays, while the country will also be off next Monday and Tuesday.
  • In addition, the HKMA said that the PBOC will sell CNH5bn worth of Six-Month Bills on Sep 24.
  • Participants look ahead to the next LPR fixing from the PBOC, which is slated for next Wednesday.
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