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Free AccessYuan Breathes Sigh Of Relief After PBOC Set Yuan Reference Rate Near Expectations
Today's yuan fixing only marginally missed expectations, suggesting that normalisation in PBOC FX policy is here to stay. Offshore yuan edged higher after the fixing, as the dust settles after the People's Bank rattled markets last week by taking several steps to curb redback strength, including via the daily fixing.
- Spot USD/CNH trades at CNH6.3704, down 52 pips at typing. A break under a multi-year low of CNH6.3305, which limited losses on Dec 8, would leave bears hoping for a deeper sell-off. Bulls need a bounce above Dec 10 high of CNH6.3893 & the 50-DMA at CNH6.3953 to get some reprieve.
- BBG sources said that Chinese authorities have sped up the process of granting approvals to companies for converting yuan into dollars to repay offshore dollar debt amid the ongoing property sector crisis.
- All eyes are on a slew of China's monthly economic activity indicators, due for release tomorrow.
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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.