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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 AccessMNI EUROPEAN MARKETS ANALYSIS: China Equities Lower Post CEWC
MNI EUROPEAN OPEN: Sharp Fall In China Bond Yields Continues
USD/CNY Back Sub 7.3000 On PBoC Headlines, Reported State Bank Selling
Spot USD/CNY last tracked near 7.2990, slightly above earlier sessions lows (~7.2913). Recent highs in the pair rest above 7.3100. The PBoC has held its Q3 monetary policy meeting, vowing to keep yuan basically stable and curb excessive moves. This is similar to previous rhetoric on the currency. Headlines have also crossed from Bloomberg that state banks have been USDs onshore to boost the yuan.
- The PBoC also noted that it will conduct monetary policy in a precise and forceful manner. The focus will also be on expanding domestic demand and promoting the healthy and stable development of the property industry.
- China equities are firmer in early trade, while the HSI in HK is up around +1.0%, sitting close to session highs currently. Property developer names are rebounding.
- For USD/CNY, earlier September lows rest under 7.2500. Note the upside ceiling today post the CNY fixing is ~7.3151. The actual fixing moved down a touch to 7.1717, well below market estimates above 7.3000.
- USD/CNH is also comfortably off earlier highs (7.3174), last near 7.3025, although we haven't been able to breach 7.3000 yet.
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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.