-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessUSD/CNH Respects Recent Ranges, Continued Focus on Stimulus Measures
USD/CNH once again found a base following yesterday's sharp dip. We briefly touched sub 6.6700, but spent most of the post Asia close recovering. We are back around 6.6900 currently.
- Broadly, USD/CNH continues to respect well-worn ranges. 1 month implied vol is back sub 7%, which is towards the bottom end of the range since we broke higher through April (the rough range over this period is 6.50-8.00%).
- Yesterday's sharp break lower in USD/CNH didn't appear fundamentally driven, although there was focus on the story around 'extraordinary' stimulus the curb downside risks to the investment outlook.
- More cities in China are also looking to support the ailing property sector. Recent announcements have been made by Zhengzhou and Wenzhou around purchase vouchers and lowering down payments for first home buyers.
- A Bloomberg measure of China developers rose by nearly 5% yesterday, although we are coming from a low very base (-50% since 2020 peak).
- These measures to support the property sector look more micro rather than macro based, and the market may be looking for something more broad based from an easing standpoint to drive a sustainable turnaround in the property sector.
- The consensus forecast for China growth continues to edge down as well, now at 4.3% for 2022, down from 5.2% in March.
- Still, we continue to see the China equity outperformance theme at an aggregate level. This is likely aiding CNH sentiment, particularly with clouds still over the domestic economic outlook.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.