MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

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 Slides Towards Multi-Month Lows

CHINA YUAN

Spot USD/CNH swung lower amid broader greenback weakness, extending losses as the PBoC fixed its central USD/CNY mid-point at CNY6.7595, near the Friday's level but below the BBG estimate of CNY6.7626. The pair has subsequently moved away from lows and last trades -173 pips at CNH6.7618.

  • China's tensions with Taiwan have escalated after last week witnessed a series of incursions by PLA's military aircrafts beyond the median line separating mainland China from the island. The pilots reportedly told Taiwanese personnel that "there is no median line", while the PLA wrote on social media that citizens should "prepare to fight". On Saturday, China's military circulated a video footage of a military drill, during which its bombers were attacking an object resembling U.S. Air Force Base on Guam.
  • The main point of note on China's calendar today was the monthly LPR fixing, with both 1-Year and 5-Year rate left unchanged, in line with expectations.
  • Initial support is provided by Sep 16 low of CNH6.7424 and a breach of that level would shift focus to May 1, 2019 low of CNH6.7179. Bulls look for a rally above Sep 17 high of CNH6.7826 before setting their sights on Sep 9 high of CNH6.8610.
  • China releases its final BoP current account balance on Friday.
BulletMarketsForeign Exchange Bullets
BulletMarketsForeign 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.