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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.
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Free AccessMNI UST Issuance Deep Dive: Dec 2024
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MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
USD/CNH has turned its tail ahead of.....>
CHINA YUAN: USD/CNH has turned its tail ahead of the 100-DMA & continues to test
the psychological CNH7.0 level to the downside; last trades -132 pips at
CNH7.0008. The yuan draws support from PBoC action, as China's central bank
fixed its USD/CNY mid-point at fixed at CNY6.9779. We haven't seen the PBoC lean
against CNY weakness to that degree since Oct.
- Apart from propping up the yuan, the PBoC resumed its liquidity injections &
there is suspicion of potential activity from the "national team," which
resulted in a dynamic rebound in Chinese equity benchmarks.
- Today's PBoC action is an extension of yesterday's attempts to soothe Chinese
post-LNY market rout, driven by coronavirus concerns. On Monday BBG reported
that China hopes that the U.S. will agree to some flexibility on Beijing's
commitments in phase-one trade deal amid the virus crisis. USD/CNH rallied past
CNH7.0 yesterday, topping out just shy of the 100-DMA at CNH7.0240.
- Bears look forward to the CNH7.0 mark giving way. It would return their focus
to the 200-DMA at CNH6.9892 & the 50-DMA at CNH6.9760. Bulls need a rebound
through the aforementioned 100-DMA to gain a fresh impetus.
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.