MNI: SNB CUTS KEY POLICY RATE BY 50 BPS TO 0.5%

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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

Yuan Edges Lower As Shanghai Covid-19 Case Count Tops 20,000

CNH

Spot USD/CNH has climbed on Friday as China continues to battle the outbreak of Omicron coronavirus variant. The rate last sits at CNH6.3689, up 56 pips on the day, with bulls looking to a swing above Apr 6 high of CNH6.3871 towards Mar 28 high of CNH6.3983. Bears look for a dip through Mar 31 low of CNH6.3452.

  • Shanghai announced that citywide testing continues today as it reported over 20k new Covid-19 cases. The wave of infections in China's most populous city presents a serious challenge to President Xi's Covid Zero strategy, with Shanghai residents facing food and medicine shortages amid a series of particularly strict lockdowns in a number of localities. The government is treading a tightrope between containing the outbreak of Omicron and appeasing the growing backlash against harsh measures.
  • The PBOC set the yuan reference rate just 5 pips below sell-side estimate after a string of generally in-line fixings this week.
  • Inflation data (Monday), trade balance (Wednesday) & new home prices (Friday) headline China's data docket next week.
EM BulletHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets
EM BulletHomepageBulletMarketsEmerging 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.