FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/CNH Reverses Early Weakness

CNH
  • USD/CNH has now entirely reversed the headline driven move lower headed into the NY open. Initial slip to 6.6686 was prompted by news that China had shortened the quarantine time for inbound visitors (stoking expectations of a further opening up of the economy). This also lent support to Chinese equities, with the CSI 300 adding 1% at the close.
  • CNH strength now completely reversed, with USD/CNH at session highs of 6.7039 at typing. Follows combative headlines from the Foreign Ministry today ("NATO view of China follows old Cold War mentality") as well as G7's commitment to Taiwanese independence ("G7 underscores importance of stability across Taiwan Strait").
  • Meanwhile, Li stated that China will urge further efforts on job stabilization - suggesting easy policy (both fiscal and monetary) will persist.
  • USD/CNH nearing next resistance at 6.7342 - the June 22 high and 6.7275, the 50% retracement for the May - June downleg.
EM BulletHomepagemarkets-real-timeFixed Income BulletsBulletMarketsEmerging 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.