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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 AccessUSD/CNH Rebounds Even As China's Industrial Profits Accelerate
Spot USD/CNH recoiled after the release of China's industrial profits, even as their growth accelerated to +28.2% Y/Y from +10.1%, recording the fastest increase in nine years. National Bureau of Statistics of China noted that the strong reading was due to the base effect and profits may come under pressure. The rate last trades +58 pips at CNH6.5753.
- In a front page commentary Thursday, the China Securities Journal suggested that China may withdraw from some stimulus measures amid broader economic improvement, but "we shouldn't see the monetary authority proactively raising the policy rate for some time to come."
- Bulls need a clearance of Nov 24 high of CNH6.5971 before targeting Nov 12 high of CNH6.6349, followed by Nov 9 high of CNH6.6495. Conversely, a dip through Nov 18 low of CNH6.5321 would open up trendline support/round figure at CNH6.5009/00.
- Next week, focus in China moves to official PMI figures (Monday), Caixin M'fing PMI (Wednesday) & Caixin Services/Composite PMIs (Friday).
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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.