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Yuan Slips Amid China's Regulatory Action, Oil-Tied FX Edge Higher

FOREX

An uptick in crude prices lent a modicum of support to high-beta oil-tied FX, in spite of an FT report pointing to China's plans to break up Ant Group's Alipay and comments from PBOC advisor, who signalled the need to prevent monopolies in the tech sector. The loonie led gains in G10 FX space, ahead of NOK, while most major crosses held relatively tight ranges.

  • USD/CNH edged higher today, as chatter surrounding China's regulatory actions provided a mild headwind for the yuan. The PBOC set their central USD/CNY mid-point at CNY6.4497, 5 pips shy of sell-side estimate.
  • The global data docket is fairly empty today, while central bank speaker slate features Riksbank's Skingsley.

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