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Free AccessUSD/CNH last trades at CNH6.9079, ~50....>
CHINA YUAN: USD/CNH last trades at CNH6.9079, ~50 pips higher on the day, with a
stronger than exp. yuan fixing failing to drag the rate to negative territory.
- The PBoC announced that it will sell CNH30bn of bills in Hong Kong on June 26;
as we highlighted before, the Bank seemingly uses HK auctions to support CNH.
Importantly, the auction takes place just ahead of the key G20 summit.
- This comes after headlines stating that the U.S. and China will resume trade
talks ahead of an "extended meeting" between U.S. Pres Trump & Chinese Pres Xi
soothed the nerves of investors yesterday. USD/CNH sank ~280 pips as a result.
- Worth noting PBoC Dep Gov Chen said yesterday that the central bank will let
markets play a greater role in shaping yuan exchange rate.
- Bulls need to clear the CNH6.9176-94 area, which registered highs on May
13-15, before challenging the 21-DMA, located at CNH6.9263. Bears target the
psychological support at CNH6.9000 ahead of the 23.6% fibo retracement of the
YtD range at CNH6.8936. A further break here would open the May 14 low of
CNH6.8878.
To read the full story
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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.