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TN Points Move Back Towards 0

CNH

MNI (London) - CNH TN points have crept back up towards the zero line as the PBoC seemingly continues to promote yuan stability ahead of the LNY holiday period. A reminder that Chinese policymakers have reportedly “mopped up” liquidity in offshore markets on several occasions in recent months, in apparent efforts to raise the cost of shorting the yuan.

  • There has also been a similar bias in the daily PBoC mid-point fixings (towards yuan strength) since the turn of the year, albeit not quite as directional/forceful as was seen in the Sep-Nov ’23 window.
  • Policymaker rhetoric and action, as well as source reports re: Chinese equity market stabilisation measures, have also stepped up ahead of the LNY period, with the latest move coming via the installation of a new face atop the market regulatory body (the CSRC).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

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