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Yuan Edges Higher, PBOC Adds Liquidity Via 1-Year MLF

CNH

Spot USD/CNH has slipped, probing the water below yesterday's worst levels. The rate operates -24 pips at CNH6.3551, with bears looking to a break under Feb 4 low of CNH6.3489 before taking aim at Jan 26 low of CNH6.3238. On the flip side, a push through Jan 31 high of CNH6.3864 would bring Jan 6/Nov 26 highs of CNH6.3976/99 into view.

  • The PBOC injected a net CNY100bn into the financial system via 1-Year MLF and kept the interest rate applied to the operations unchanged at 2.85%, refraining from a continuation of recent rate cuts.
  • Note that China will publish January inflation data tomorrow. Both consumer and producer prices are expected to have grown at a slower rate than in December.
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