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Free AccessYuan Stronger But PBOC Seeks To Slow Appreciation With Fix
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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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.