CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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 Gains On News That Evergrande Negotiated Sep 23 Yuan Coupon Payment

CNH

Spot USD/CNH took a nosedive after news wires reported that Evergrande's main unit has negotiated a coupon payment due Sep 23 on domestic notes with holders, while the PBOC provided a decent liquidity injection (net CNY90bn) as Chinese markets reopened after holidays. The rate changes hands -51 pips at CNH6.4765, off its session low of CNH6.4723.

  • Re: today's liquidity injection, it is worth noting that the Evergrande developments have been unfolding ahead of the upcoming quarter-end/week-long Chinese holidays.
  • BBG reported Tuesday that Evergrande missed interest payments to at least two bank creditors, adding that it was unclear if the banks wanted to declare Evergrande in default.
  • The PBOC set their central USD/CNY mid-point at CNY6.4693, 8 pips above sell-side estimate, and left 1-Year and 5-Year LPR rates unchanged, in line with expectations. Both fixings were overshadowed by headlines related to the Evergrande saga.
  • Separately, PBOC Gov Yi said that the central bank will ramp up supervision over the fintech sector and will protect data property rights and personal privacy.
  • Bears need a pullback under the CNH6.4261-44 area, which limited losses this month, to regain poise. Bulls look for a rally above Sep 20 high of CNH6.4880, which would turn topside focus to Aug 20 high of CNH6.5102.
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.