MNI BRIEF: Fed's Goolsbee Taking Job Gains With Grain Of Salt

BRIEF: EU Says Engaging With China Over EV Trade Dispute

MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

MNI BRIEF: China May M2 Slows To Record Low Again

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

US Treasury Auction Calendar

MNI: BAKER HUGHES US RIG COUNT 590; OIL RIGS 488; GAS RIGS 98

EZ/UK Bond Supply Calendar: Slovakia, Belgium, BoE APF Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Yuan Weakens After PMI Drops

CNH

Offshore yuan is weaker, USD/CNH last up 38 pips at 6.4720. The PBOC fixed USD/CNY at 6.4709, 17 pips above sell side estimates.

  • The pair rose after the release of June Caixin manufacturing PMI at 51.3 from 51.9 last time out. This denoted the softest increase in output for 15 months, while total new order growth slows as export sales stagnate. The release did note that inflationary pressures remain elevated though fell from the previous month.
  • Chinese President Xi spoke at a communist party event Xi said the party has brought about "national rejuvenation" lifting tens of millions from poverty and "altered the landscape of world development." He added achieving national reunification is party's mission and that China must take resolute action to defeat Taiwan independence.
EM BulletHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

To read the full story

Close

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.