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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.
CNH
USD/CNH is back to 6.9500 (touching closing to 6.9530 earlier) and within striking distance of levels that prevailed prior to yesterday's Forex reserve cut. We were around 6.9550 when that announcement crossed the wires. Onshore spot is above 6.9400, which is close to highs from yesterday as well. Fresh Covid related headwinds have emerged today, with cases detected in Beijing.
- This won't be helping sentiment, while we continue see China bond yields press lower, against the broader trend of gains in key developed markets, reinforcing divergent monetary policy trends. The chart below shows USD/CNH against the US-CH 2yr spread.
Fig 1: USD/CNH & US-CH 2yr Government Bond Yield Spreads
Source: MNI - Market News/Bloomberg
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.
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