AUSSIE BONDS: ACGB Jun-54 Auction Goes Smoothly
Today's auction result extended the recent trend of firm pricing for ACGBs, with the weighted averag...
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CHINA PRESS: China’s Balance Of Yuan Loans Up In Q2
China's outstanding balance of yuan-denominated loans issued by financial institutions reached CNY268 trillion at the end of Q2 2025, reflecting a 7.1% y/y increase and a CNY12.9 trillion expansion in H1, according to data from the People’s Bank of China. Total outstanding loans to corporates in both domestic and foreign currencies stood at CNY182 trillion, up 8.6% y/y, with an increase of CNY11.5 trillion during H1. Meanwhile, yuan real-estate loans totalled CNY53.3 trillion, up 0.4% y/y, an acceleration of 0.6 percentage points compared to the end of the previous year and an increase of CNY416 billion in the first half.
CHINA PRESS: Yuan Volatility Could Increase In H2
Yuan exchange rate volatility may increase in the second half of the year, with possible twists in the China–U.S. economic and trade negotiations impacting the currency’s value, according to Wang Qing, chief macro analyst at Oriental Jincheng. The foreign exchange purchase ratio, which measures the willingness to purchase foreign exchange, has stood at 65% since April, down 3 percentage points year-on-year, reflecting the improved market expectation for the yuan in Q2, Wang noted. The yuan stabilised and then appreciated against the dollar in H1, Wang added. (Source: Yicai)
CNH: USD/CNY Makes Fresh Low For This Year, Fixing Error Little Changed
The USD/CNY fix printed at 7.1414, versus a Bloomberg market consensus of 7.1612.
- Today's fix is another fresh low back to early Nov last year. The fixing error remained close to yesterday's outcome, printing at -198pips.
- USD/CNH is a touch lower in the first part of Wednesday dealings, just under 7.1700.
- Broader USD sentiment is little changed, as the markets digest the US-Japan trade deal announcement.
