Free Trial
JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
CNH

Spot USD/CNH has oscillated within a very tight range thus far, looking through the headline flow summarised below. The PBOC delivered another in-line yuan fixing, providing no material impetus for the redback. The rate last changes hands at CNH6.3474, virtually unchanged on the day.

  • Bears need losses past Jan 18/Dec 31 lows of CNH6.3405/6.3379 before setting their sights on Dec 8 low of CNH6.3305. Conversely, bulls need a rally above Jan 6/Nov 26 highs of CNH6.3976/99 to regain poise.
  • SAFE's spokeswoman Wang told a press briefing that knock-on effects from the Fed's policy tightening may be smaller than previously, as she forecast more stable cross-border capital flows in 2022. Wang attributed the recent uptick in the yuan to seasonal factors, adding that robust exports are the main supporting factor for domestic currency.
  • The PBOC are expected to continue push latest round of policy easing further. Sources told Reuters that the central bank will cut interest rates applied to its SLF loans across overnight, 7-day and 1-month maturities by 10bp each. Elsewhere, Bloomberg circulated the results of their survey of analysts, which suggested that the PBOC are expected to lower the RRR in Q1 and further reduce other major policy rates in Q2.
  • There is little of note on the Chinese docket next week, with Thursday's industrial profits providing the sole point of note ahead of the LNY holidays.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.