MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

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 Continues To Gain Altitude, Chinese Trade Data Eyed

CHINA YUAN

Spot USD/CNH extended its initial gains in Monday's London hours, with the well-documented action from the PBoC taking centre stage. As a reminder, on Saturday China's central bank announced that it will remove risk reserve ratio requirement on FX forward transactions. The rate showed at its best levels since Oct 2 before easing off.

  • That being said, the news that Chinese Pres Xi will visit Shenzhen and deliver a speech on Wednesday re: plans of making southern China a global technology hub sparked some enthusiasm yesterday. Xinhua reported that the CPC wants to turn Shenzhen into a "socialist pilot zone with Chinese characteristics".
  • Press reports surrounding Sino-Australian tensions, mentioned in an earlier bullet, also gained some traction yesterday.
  • USD/CNH posted a leg higher alongside the DXY, as cash Tsy space re-opened after a long weekend in the U.S. The rate last sits +78 pips at CNH6.7527. Further gains past Oct 12 high of CNH6.7566 would allow bulls to set their sights on Sep 24 high of CNH6.8462. Bears need a retreat under Oct 9 low of CNH6.6787 to regain momentum.
  • The PBoC's daily fixing of the central USD/CNY mid-point will be closely watched today.
  • China's trade data hits the wires at some point later today, while inflation figures are due Thursday.
BulletMarketsForeign Exchange Bullets
BulletMarketsForeign 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.