-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
-
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessUSD/CNH Back Below 7.2000, As PBoC Rhetoric Steps Up
USD/CNH moved off a peak close to 7.2700 amid a fresh round of PBoC verbal jawboning overnight. This rhetoric, combined with a sharp pull back in broader USD sentiment, drove the pair back below 7.1500 late in NY. We are back above 7.1600 now, but this is still close to 1.5% below overnight highs. The domestic data calendar remains quiet today, with focus on tomorrow's PMI prints.
- PBoC rhetoric came after a meeting of China's FX market self-regulated body, which the central bank attended. The central bank warned against betting on one-way yuan moves and stated that such positions will lose out in the long term.
- It also called on banks to safe guard the fixing mechanism and curb volatile moves in the FX rate.
- Such a backdrop will increase focus on today's fixing outcome. Recall yesterday we had a surprise of just -444pips in USD/CNY terms (actual of 7.1107 versus Bloomberg consensus of 7.1551), much lower compared to previous sessions. This was one catalyst for higher USD/CNH and USD/CNY levels yesterday.
- Onshore spot ended yesterday at 7.2005, but the 4:30pm level (used for fixing estimates) came in higher at 7.2458. Still, there should be some offset from much weaker USD levels.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.