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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.
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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
Yuan Fixing Has Little Impact On USD/CNH
Spot USD/CNH has shown a muted reaction to the PBOC fixing, which saw the reference rate set at CNY7.1101 versus BBG estimate of CNY7.1569 and the notably lower RTRS estimate of CNY7.1248.
- The PBOC set the mid-point of permitted USD/CNY trading band at CNY7.1101, little changed from the prior day. Today's fixing represents a -468 pips surprise relative to the Bloomberg consensus, which is narrower than yesterday's -647 error term.
- On the geopolitical front, a defence blueprint issued by the White House labelled China as the sole competitor to the U.S. capable of disrupting the global order and pointed to the increasing alignment of China and Russia.
- USD/CNH has pared its earlier losses and last deals +15 pips at CNH7.1765. Bears eye Oct 5 low of CNH7.0127 for initial support, while bulls look for gains towards Sep 28 high of CNH7.2674.
- Chinese data on the radar this week include inflation figures and trade report, both 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.