BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

BOC SAYS WEAKER CAD DRIVEN BY USD STRENGTH

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USDCNY Fixing Error Term Widens Slightly, 1-yr MLF Rate Unchanged

CNH

USDCNY fixing printed at 7.1084 versus Bloomberg consensus of7.1659, very close to Friday’s level.

  • The 1-year MLF was unexpectedly left unchanged at 2.5%, whereas a 10bp cut had been expected. There was a cash injection via the 1-year MLF for the 14th straight month of CNY995bn, down from last month.
  • The fixing error term widened moderately to -575pips from -534pips on Friday in USDCNY terms.
  • USDCNH trended higher on Friday to 7.193 but has started the week flat at 7.1868. We did dip to 7.1837 earlier and then spiked to 7.1916. Moves since the MLF announcement have been limited.
  • On Wednesday there is a swathe of activity data including Q4 GDP, December IP, retail sales and jobless rate. Growth is expected to have picked up in the final month/quarter of 2023 with Q4 GDP forecast at 5.3% y/y and December IP at 4.5% but retail sales slowing to 8%.
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

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.