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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessPBOC Rhetoric Aplenty
Spot USD/CNH has crept higher today and last changes hands +53 pips at CNH6.3855, with participants digesting PBOC rhetoric.
- Today's yuan fixing showed little deviation from expectations. The central USD/CNY mid-point was set at CNY6.3825, 3 pips above sell-side estimate.
- PBOC Gov Yi told the audience of the Eurasia Forum on Thursday that the central bank will keep monetary policy stable, while offering targeted support to SMEs and green projects.
- In a statement posted on their website, China's central bank asked financial institutions and enterprises to ramp up FX risk management and refrain from one-way yuan bets. The statement noted that two-way fluctuations of the yuan is expected to be "the norm" in the future.
- Looking ahead, the PBOC will announce their monthly Loan Prime Rates fixing this coming Monday.
- Bulls need a clean break above Oct 29 high of CNH6.4140 to find some poise. On the downside, a slide past Nov 16 low of CNH6.3616 would turn focus to May 31 cycle low of CNH6.3525.
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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.