MNI BRIEF: JGB Reduction Scale To Be "Suitable" - BOJ's Ueda

MNI BRIEF: BOJ Maintains Econ, Inflation View Assessment

BOJ DECIDES TO CUT JGB BUYING; RELEASE DETAILS AT APRIL MEETING

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Higher At 7.1151 Fri; -1.51% Y/Y

MNI: FRANCE MAY HICP +0.1% M/M, +2.6% Y/Y

Services Inflation Pushed Higher By Concert-related Categories

MNI: SWEDEN MAY CPIF +2.3% Y/Y

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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

USD/CNH Consolidated Late Last Week, Industrial Profits Out Today

CNH

Friday highs in USD/CNH were just above 7.1600, with the pair finding selling interest just above this level on a number of occasions. We finished up on Friday back sub 7.1500, which is where we track in early trading today. USD/CNY closed on Friday nearby at 7.1490, while the CNY NEER (J.P. Morgan index) edged down slightly to 123.91.

  • The Golden Dragon equity index gained 1.62% in US trade on Friday, which likely helped CNH sentiment at the margin. Broader USD weakness also likely helped, with the BBDXY down a further 0.26%.
  • Still, onshore China equities were weaker across the board on Friday, with the potentially negative impact of the seemingly impending round of “unprecedented” property support via unsecured loans to qualified lenders for banks received the most airtime.
  • Over the weekend, reports also surfaced (BBG) that shadow bank company Zhongzhi will be probed the authorities (see this link). The company is reportedly in solvency difficulty.
  • On the data front today, we have Oct industrial profits. There is no consensus estimate, with the prior outcome being 11.9% y/y. Later in the week we get Nov PMI readings.
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

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.