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Free AccessMNI China Press Digest Sep 26: GDP, Sino-EU, Electric Vehicles
MNI: PBOC Injects Net 170 Bln Via OMO Tues; Rates Unchanged
MNI: PBOC Yuan Parity Flat At 7.1727 Tuesday; -2.25% Y/Y
Sentiment Turns Risk On
The constructive risk tone from Tuesday has extended into the Asia-Pac time zone in early trade on Wednesday. There were reports that the US Senate is to vote in infrastructure later on Wednesday.
- AUD is top of the pile early on, AUD/USD around 9 pips higher on the session ahead of retail sales data later in the session.
- NZD/USD is up 5 pips, the more subdued move can be attributed to the GDT Price Index extendeing losses at yesterday's auction, with whole milk powder falling 3.8%. Dairy prices fell for the seventh consecutive auction.
- JPY is flat, USD/JPY holding near yesterday's highs. Data earlier showed the Japanese trade balance widened less than expected, the balance shifting from a deficit to a surplus of JPY 382.2bn, the adjusted trade balance staying in a deficit at JPY 90.2bn. Exports rose above estimates but the increase was outstripped by imports. Local news reports have pointed towards the Japanese government extending its job subsidy scheme through the end of '21.
- Offshore yuan is slightly stronger, building on gains from yesterday, USD/CNH down 25 pips. The yuan seems to be weathering the delta variant storm better than many of its regional peers thanks in large part to low case numbers which have mostly stayed below 100 per day in 2021 so far.
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