Free Trial

USDCNH trades just up from closing.......>

CHINA YUAN
CHINA YUAN: USDCNH trades just up from closing levels following yesterday's
large down move, with the pair last at 6.8724. The Dec 4 lows at 6.8260 are
coming back into focus as a broader topping pattern develops. EURCNH held above
its 200-dma yesterday but here too a larger topping pattern appears to be in
play. 
- The missing link to the yuan's recovery is a rally in rates, and we are
finally seeing some upside pressure here, with the 2-year interest rate swap up
3.5bps today, breaking above its recent range. A continued rally in rates would
strongly suggest a recovery in the yuan. 

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.