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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 AccessYuan Seesaws As Evergrande Saga Takes Centre Stage Again
Spot USD/CNH see-sawed within a 112 pip range today, but is now back at almost unchanged levels. The Evergrande situation has returned to the fore and USD/CNH went offered as local media reported that the real-estate giant has paid interest on its dollar bond due Sep 23. The grace period after which a missed payment would become a default expires tomorrow. The yuan struggled to hold onto resultant gains and USD/CNH last trades at CNH6.3944, barely changed on the day.
- Today's PBOC fell virtually in line with sell-side estimate today after two consecutive misses. The fixing missed forecasts by 14 and 27 pips on Thursday and Wednesday respectively, as China's central bank showed discomfort with a stronger yuan.
- The PBOC have circulated the text of a speech from Gov Yi, who said that keeping a normal monetary policy and banks' interest margin level in a reasonable range may be conducive for economic growth and financial stability.
- Looking ahead, China's industrial profits will be published next Wednesday. This will be the only notable local release next week.
- Bears look for a clean break under Oct 19 low/trendline support at CNH6.3687/6.3671, while bulls would be pleased by a jump above Oct 19 high of CNH6.4290.
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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.