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Free AccessUSDCNH remains on the front foot ahead...>
CHINA YUAN: USDCNH remains on the front foot ahead of the PBOC fix, trading at
6.8807, with the August 24 peak at 6.8955 the next level of resistance for the
pair. A break above here would suggest a retest of the August 15 high of 6.9586
and put the question of intervention back on the table.
- The yuan's weakness yesterday came despite a large rise in Chinese rates, with
the 2 year breaking to the upside to touch 3.0% at one point before settling at
2.97%. Rising US yields kept the China-US spread at minimal levels, with the
spread currently at 3.8bps.
- This has seen the 21-day rolling correlation between CNHUSD and Chinese 2-year
swaps fall to 0.27. The CNHUSD-CSI300 correlation rose back to 0.35 following
the decline in both markets.
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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.