MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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 Near 7.3100, As China Markets Re-Open Today

CNH

China markets return today, after being out all of last week for the Golden Week holiday. USD/CNH currently tracks near 7.3100, slightly up levels from this time last week (closer to 7.3000). Moves above 7.3300 were faded last week though. Note USD/CNY spot closed before the Golden Week holiday period at 7.2980.

  • Early sentiment may be dominated by broader risk flows, as markets trade with a risk-off tone in early Monday trade, which follows the surprise Hamas attack on Israel over the weekend. The USD is bid against higher beta FX (safe havens JPY and CHF are slightly firmer), while oil futures have spiked, as have US Treasury futures. US equity futures are weaker.
  • More broadly China sentiment has improved over the past week, with sell-side analysts nudging higher growth projections modestly for 2023.
  • The China Government noted trips and spending surged in Golden week relative to 2022 levels, but were only slightly up on 2019 (pre Covid levels), see this BBG link for more details.
  • In the equity space, in Friday US trade, the Golden Dragon index ended with a +2.60% gain to finish close to unchanged versus pre Golden Week holiday period levels.
  • This week on the data front, September aggregate credit figures/new loans are due (release window is 9 Oct to the 15th). Also, on Friday we September CPI figures.
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.