MNI: Canada Apr-Sept Budget Deficit Widens On Spending

CANADA'S TRUDEAU: I CONTINUE TO HAVE GOOD TALKS WITH TRUMP

MNI BRIEF: Little Macro Difference On Rate Oprions- de Guindos

MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

CANADA Q3 GDP ANNUALIZED +1.0% AS EXPECTED ON GOVT, CONSUMERS

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Strong Bias In PBOC Fix Supports Offshore Yuan

CNH

Spot USD/CNH went offered in the wake of a firmer than expected PBOC fix and last changes hands at CNH6.3162, down 107 pips on the day.

  • The PBOC set the yuan reference rate at CNY6.3185, 54 pips below sell-side estimate, in a U-turn from their recent predilection to resist excessive redback appreciation. Today's was the strongest bias since Oct 2020.
  • Looking ahead, focus turns to Chinese inflation data, due for release tomorrow. The consensus view is that factory-gate price growth may have eased to +8.6% Y/Y in February, while consumer prices likely grew at a steady pace of +0.9% Y/Y.
  • The cycle low of CNH6.3060 printed on Feb 24 provides the initial layer of support, while bulls look for a break above Feb 22 high of CNH6.3445.
EM BulletHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets
EM BulletHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

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.