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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessToday's USD/CNY fixing represented the...>
CHINA YUAN: Today's USD/CNY fixing represented the 3rd consecutive fixing <
CNY7.00, as reminder, the fix hadn't fixed < CNY7.00 since Aug (prior to this
string). This shows that the PBoC is happy with the level of USD/CNY at present
& if anything leant on the fixing a little after USD/CNY closed above CNY7.0100
(prev. day's CNY closing price is the biggest input in the fixing model).
- Most bank models that we have seen point to a "fair value" of USD/CNY at
CNY6.95-CNY7.00 (purely based on U.S. tariff levels) in the case of a roll back
of the tariffs that the U.S. levied on China in Sep. Looking ahead, tariff
measures/phases of a trade deal will be integral for USD/CNY performance, with
the trade war dominating local data & MonPol developments at present.
- PPI deflation & underwhelming core CPI (~+1.5% Y/Y), in spite of surging
headline CPI (pork prices), and a stronger CNY combined to give the PBoC enough
space to implement a 5bp cut in the rate it applies to its MLF (last Tuesday).
Looking ahead, the aforementioned PPI deflation, shrinking industrial profits &
trends in credit data should facilitate further PBoC easing.
- Chart: https://emedia.marketnews.com/CNY121119.png
To read the full story
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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.