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Free AccessYuan Shuts Its Eyes To PBOC Fix
The yuan has resumed gains against the greenback, after a softer than expected PBOC fix helped push USD/CNH higher Wednesday. There was another miss today, with the central USD/CNY mid-point set 14 pips above sell-side estimate, but USD/CNH has been unfazed.
- As a rule of thumb, misses of more than 20 pips are considered significant. It is also worth noting that today's was the first fixing which fell below CNY6.40 since Jun 16.
- ZCE coal futures tumbled to their daily limit today, after several government agencies weighed in, after pledging to take action against speculators.
- Spot USD/CNH trades at CNH6.3843, 103 pips lower on the day, in close proximity to session lows. A dip through Oct 19 low/trendline support at CNH6.3687/6.3670 would shift focus to CNH6.3525, which limited losses on May 31. Conversely, a rebound above Oct 19 high of CNH6.4290 would give bulls some reprieve.
To read the full story
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Please enter your details below.
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.