CNH: USD/CNY Fix Fresh Cycle Low, Aiding CNH Outperformance Amid USD Bounce
Jan-30 01:43
The USD/CNY fix printed at 6.9678, a fresh cycle low. The market consensus was for a lower outcome, ...
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MNI: **CHINA DEC MANUFACTURING PMI 50.1 VS 49.2 IN NOV
Dec-31 01:31
- **CHINA DEC MANUFACTURING PMI 50.1 VS 49.2 IN NOV
CNH: USD/CNY Fixing Lower, Fixing Error Widens As Consensus Below 7.00
Dec-31 01:23
The USD/CNY fix printed at 7.0288, while the BBG market consensus was below the 7.00 level at 6.9966. The USD/CNY fixing was below yesterday’s and last week’s levels resuming the downtrend. Tuesday’s fix was at 7.0348. With both the onshore and offshore yuan trading below 7.00, there could be further warnings not to make one-way FX bets. The fixing error widened to +322pips up from yesterday’s +212pips.
- The onshore USD/CNY also tested 7.00 yesterday falling to a low of 6.9875 before rising above 6.9950. It finished down 0.15% at 6.9958. The pair is tightly managed and the market’s test is unusual but may reflect some official acceptance of a stronger currency.
- USD/CNH broke below 7.00 during APAC trading on Tuesday reaching a low of 6.9810 but then stabilised just above 6.9900. Today it rose to 6.9942 but then fell to 6.9856 post the fixing, and is currently around 6.9894.
MNI: CHINA PBOC CONDUCTS CNY528.8 BLN VIA 7-DAY REVERSE REPO WEDS
Dec-31 01:22
- CHINA PBOC CONDUCTS CNY528.8 BLN VIA 7-DAY REVERSE REPO WEDS
