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Yuan Briefly Firms Up With FTSE Set To Add Chinese Debt To WGBI

FOREX

The news that FTSE Russell added Chinese debt to its trillion-dollar World Government Bond Index inspired a leg higher in the yuan, amid expectations of foreign capital inflows that may top $100bn in the 12-month phase-in period. A marginally stronger than exp. PBoC fix helped keep spot USD/CNH depressed for a while, but the rate recouped losses after mainland Chinese stock markets went for a lunch break.

  • The general feel across G10 FX space was slightly risk-positive, amid hopes for the restart to U.S. fiscal negotiations, but relatively tight ranges were respected. The Antipodeans outperformed and JPY struggled. It's a Gotobi day in Japan, which may have limited the yen to a degree. Broader news and data flow provided little impetus.
  • Flash U.S. durable goods orders, Italian sentiment gauges and comments from Fed's Williams & George and ECB's Villeroy & de Cos.
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