CHINA: Loan Prime Rates Unchanged
Feb-20 01:35
- Today’s fixing of the 1 and 5-year Loan Prime Rates was as expected with no change.
- The 1-year is the reference rate for corporate loans and the 5-year reference rate used by banks for mortgages.
- For a fourth straight month, we did not expect any change in the rates charged with the 1-year steady at 3.10% and the 5-year at 3.60%.
- Over the weekend the PBOC Governor indicated that easing of monetary policy can be expected as well as fiscal support.
- China’s top legislature begins its annual parliamentary meeting on March 5 where investors will wait to see how the recently set tone for the economy will translate into policy.
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MNI: CHINA PBOC CONDUCTS CNY256 BLN VIA 14-DAY REVERSE REPO TUE
Jan-21 01:24
- CHINA PBOC CONDUCTS CNY256 BLN VIA 14-DAY REVERSE REPO TUE
CNH: USD/CNY Fixing Dips, But Focus On Tariff Headlines
Jan-21 01:20
The USD/CNY fixing printed at 7.1703, versus a BBG consensus of 7.2934.
- The fixing compares to yesterday's 7.1886 outcome. Today's fixing is the lowest level since early Nov.
- USD/CNH spiked higher to 7.2939, from earlier lows of 7.2524, as headlines from US President Trump crossed. He stated 25% tariffs on Mexico and Canada would likely be imposed on Feb 1.
- USD/CNH has stabilized somewhat since, last near 7.2800, around 0.25% weaker in CNH terms.
MNI: CHINA SETS YUAN CENTRAL PARITY AT 7.1703 TUE VS 7.1886
Jan-21 01:16
- CHINA SETS YUAN CENTRAL PARITY AT 7.1703 TUE VS 7.1886
