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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.
CNH
The PBOC fixed USD/CNY at 6.4522, broadly in line with sell side estimates. Offshore yuan is lower, USD/CNH 14 pips higher, moving as a function of the USD.
- So far since LNY it has been difficult to discern a pattern of policymaker sentiment towards the yuan through the fix. In the six trading sessions since the return from LNY the fix has cumulatively been 24 pips below estimates, compared to 52 pips above estimates in the six trading sessions pre-LNY.
- Elsewhere, US President Joe Biden's nominee for trade chief Katherine Tai is pledging to work with allies to take on China while also saying it's both a rival and partner that the US needs to cooperate with.
- USD/CNH sits just below session highs, last up 60 pips at 6.4534, but still within yesterday's range after a volatile session. CNH 1-month implied volatility is 6.25bps higher today at 5.02%.
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.
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