Free Trial

USD/CNH edged lower after the............>

CHINA YUAN
CHINA YUAN: USD/CNH edged lower after the resumption of onshore yuan trade, even
as USD/CNY reopened slightly higher. The PBoC fixed its central USD/CNY
mid-point at CNY7.1316, slightly below the BBG estimate of CNY7.1324. It was the
weakest PBoC fix since Feb 2008.
- Worth flagging our exclusive piece, which noted that the PBoC "will permit a
wider trading band in the yuan", with one source "pointing to 7.2 to the dollar
as a key level in the short term".
- U.S. President Trump surprised with his announcement of a press conference on
China to be held on Friday, as he suggested that the U.S. will unveil new moves
against Beijing as "we are not happy with China".
- USD/CNH sits -47 pips at CNH7.1682 as we type. Bears look for a retreat below
May 26 low, located at CNH7.1356. On the topside, focus remains on the all-time
high of CNH7.1965 & psychological CNH7.2000 resistance.
- As a reminder, China's official PMI data is due on Sunday.

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.