MNI China Press Digest July 18: PBOC, Beijing, Arctic Shipping

MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

Australia Jun Unemployment Rate 4.0%

Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

MNI:AUSTRALIA JUN UNEMPLOYMENT RATE +4.1%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

USD/CNH Close To Recent Highs, Data Calendar Empty Until Friday's PMIs

CNH
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

USD/CNH spent the post Asia close period wedged between 7.2550 and 7.2600 on Monday. In early Tuesday dealings we sit near 7.2590. This close to end levels from last week. Onshore spot finished up yesterday at 7.2445, also little changed for the session.

  • There was little follow through for CNH from yesterday's rebound in profits data, which underscored continued strength in China's industrial sector. Dips in USD/CNH were supported under 7.2550.
  • The data calendar is now empty until Friday's official May PMI figures. The market expects a slight improvement for the manufacturing and non-manufacturing prints.
  • Elsewhere, focus remains on the housing market and efforts to boost the sector. Shanghai eased restrictions yesterday in terms of downpayment ratios and the floor for mortgage rates was also reduced (see this BBG link).
  • China onshore equity sentiment was better yesterday. To recap, the CSI 300 rose nearly 1%. Onshore government bond yields remain close to recent lows.
  • Government bond issuance is picking up as fiscal policy ramps up to support growth, but this isn't weighing on local bond market sentiment yet.
178 words

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.

USD/CNH spent the post Asia close period wedged between 7.2550 and 7.2600 on Monday. In early Tuesday dealings we sit near 7.2590. This close to end levels from last week. Onshore spot finished up yesterday at 7.2445, also little changed for the session.

  • There was little follow through for CNH from yesterday's rebound in profits data, which underscored continued strength in China's industrial sector. Dips in USD/CNH were supported under 7.2550.
  • The data calendar is now empty until Friday's official May PMI figures. The market expects a slight improvement for the manufacturing and non-manufacturing prints.
  • Elsewhere, focus remains on the housing market and efforts to boost the sector. Shanghai eased restrictions yesterday in terms of downpayment ratios and the floor for mortgage rates was also reduced (see this BBG link).
  • China onshore equity sentiment was better yesterday. To recap, the CSI 300 rose nearly 1%. Onshore government bond yields remain close to recent lows.
  • Government bond issuance is picking up as fiscal policy ramps up to support growth, but this isn't weighing on local bond market sentiment yet.