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Offshore yuan is hugging a tight range, USD/CNH last up 4 pips at 6.3877. The PBOC fix came in broadly in-line with sell side estimates.
- Data late yesterday showed China's foreign reserves rose to $3.2218tn in May from $3.198tn in April, the second month of increase. Following the release the weakness in the USD during the period was adduced as pushing up the value of other currency holdings, while the yuan's 1.6% increase against the greenback in May resulted in official measures to curb the appreciation, with speculation of shadow measures (i.e. state banks selling yuan) also rife.
- Elsewhere a former SAFE official advocated the swift introduction of yuan futures trading to improve hedging. Guan Tao said it would help investors and businesses "better manage FX risk while improving the efficiency of supervision."