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Stronger Fix For Yuan Sees USD/CNH Decline

CNH

The PBOC fixed USD/CNY at 6.5387, stronger than yesterday's fix of 6.5507. USD/CNH last down 17 pips at 6.5342.

  • The PBOC injected CNY 120bn of liquidity, bringing total injections this week to CNY 210bn – observers note the central bank are ensuring ample liquidity into year end.
  • After the PBOC injected CNY 100bn yesterday China's benchmark money market rates declined. The injection via 14-day OMO was the first time the tool was used since the end of September.
  • A PBOC statement said the operations were to maintain stability into year end.
  • The overnight repo rate has fallen again to 1.0376% from 1.4349% yesterday, the 7-day repo rate last slightly higher at 2.1281% from 1.9282%.
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