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Free AccessYuan Loses Ground Despite Appreciation Bias In PBOC Fix
Spot USD/CNH has crept higher despite a speedbump provided by the PBOC's yuan fixing. The rate last operates at CNH6.5961, up 94 pips on the day, with bulls looking for a break above Apr 25 high of CNH6.6092. A break here would open up Nov 4, 2020 high of CNH6.7745. Conversely, bears would be pleased by a pullback towards Jul 27, 2021 high of CNH6.5287.
- The PBOC set the mid-point of permitted USD/CNY trading band at CNY6.5628, 36 pips below average sell-side estimate.
- China's State Council vowed to promote jobs creation by supporting the growth of internet firms and pledged cash handouts for certain vulnerable unemployed people. The statement from China's Cabinet comes as calls for increased policy support grow louder.
- Giant Manufacturing said that its Kunshan units are allowed to resume operation from today. Major copper smelter Xiangguang is also expected to restart production soon.
- The local data docket is empty during the remainder of this week.
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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.