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MNI China Daily Summary: Thursday, December 12
Yuan Sell-Off Continues Amid China's Commitment To Covid-Zero Policy
The yuan was dumped despite a firmer than expected PBOC fix and broader greenback weakness, provided some reprieve to most Asia EM currencies. China's determination to continue with draconian Covid-19 countermeasures weighed on the redback ahead of the long weekend in China.
- CNH: The PBOC continued to lean against redback weakening by maintaining appreciation bias in the daily yuan fixing, but to no avail. The People's Bank set the mid-point of USD/CNY trading band 37 pips shy of sell-side estimate after a 36-pip miss on Thursday. Spot USD/CNH shed >100 pips in the initial reaction but was bought on the dip and recoiled towards new cycle highs. The pair extended gains as China's health officials pledged to stick to their Covid-Zero policy, which pushed dozens of Chinese cities into lockdowns. Communique from the upcoming Politburo meeting, expected to take place in the coming days, may shed some more light on the positions of China's political leadership amid the unfolding public health crisis.
- KRW: Spot USD/KRW eased off, while staying within Thursday's range. South Korean Finance Ministry resumed verbal warnings on recent won depreciation, with Vice FinMin Lee noting that the authorities stand ready to take market stabilisation steps in case of abrupt one-sided moves. There was little reaction to South Korea's industrial output data, with annual growth in manufacturing production missing expectations, despite unexpected monthly increase.
- MYR: Spot USD/MYR faltered, moderating its weekly gain. BNM Gov Shamsiah Yunus told Bernama news agency that the central bank is ready to use tools at its disposal to prevent "sharp or wide swings in the value of the ringgit".
- THB: Spot USD/THB slipped as recent bullish momentum petered out. The Finance Ministry noted that baht weakness boosts Thai export competitiveness, but also raises oil import costs, with the government determined to help mitigate the impact of higher energy prices. Participants awaited the release of Thailand's BoP data later today.
- PHP: Peso resumed losses despite little in the way of notable local headlines. The local Covid-19 task force decided to maintain the lowest alert level in Metro Manila for the next two days, which covers the upcoming presidential election.
- IDR: Indonesian markets were shut in observance of a public holiday.
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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.