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Yuan Stronger But PBOC Seeks To Slow Appreciation With Fix

CNH

USD/CNH is lower, some of this can be attributed to a weaker USD, but some CNH strength has stemmed from China's decision to sanction outgoing secretary of state Mike Pompeo and 27 other officials from the Trump administration.

  • The rate last at 6.4608, down 7 pips. The pair briefly touched session lows of 6.4564.
  • PBOC fixed USD/CNY at 6.4696, 140 pips lower than yesterday as the USD weakens. The fix was 22 pips higher than sell-side estimates. This acts as an example of the tacit yuan policy held by the PBOC, in that it is much more tolerant of a weaker yuan, than a stronger yuan.
  • The central bank also injected CNY 248bn, another day of large injections ahead of scheduled tax payments and Lunar New Year.
  • Meanwhile after market yesterday Chinese premier Li Keqiang spoke at a State Council meeting and said China should keep necessary support to the economy as its development still faces huge challenges and uncertainties, and reiterated China aims to maintain economic growth within a reasonable range.
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