Free Trial

###POV: STRONGEST CNY CLOSE IN 25-MTH....>

CHINA YUAN
MNI (London)
CHINA YUAN: ###POV: STRONGEST CNY CLOSE IN 25-MTH UNLIKELY TO PROMPT PBOC
INTERVENTION: MARKET SOURCES
***CNY saw its strongest close since Dec 2015 today but this move is not an
outlier given the overall backdrop of broad USD weakness. Market sources say
there is no urgency for the PBOC to conduct a directional intervention at these
levels. Over the foreseeable future, the PBOC is most likely to continue
anchoring CNY to the currency basket and is thus unlikely to step in the market
at current levels. 
- Yuan rose 0.06% from Tuesday to close at 6.4325 against the U.S. dollar
- PBOC set yuan central parity rate at 6.4335 vs U.S. dollar on Wednesday,
stronger than Tuesday's 6.4372. Today's fixing is the strongest since Dec. 10,
2015.
*Data from China Foreign Exchange Trade System

To read the full story

Close

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.