MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Yuan Fix Matches Expectations, China Pledges Support For Economy

CNH

Spot USD/CNH operates at CNH6.3748, up 37 pips on the day, with greenback strength driving the uptick. A break above Mar 18 high of CNH6.3810 would turn bullish focus to the 200-DMA, which intersects at CNH6.4108, coinciding with the high print of Mar 15. Bears eye Mar 16 low of CNH6.3529 for initial support.

  • The PBOC set the mid-point of the permitted USD/CNY trading band at CNY6.3664, virtually in line with expectations.
  • China doubled down on its pledges to support domestic economy and financial markets. The readout from yesterday's State Council meeting noted that the authorities backed "increase the support of the prudent monetary policy to the real economy" and promote a stable pace of credit expansion.
  • Focus in China turns to final Q4 BoP current account balance, due this coming Friday. Looking further afield, February industrial profits will hit the wires on Sunday.
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