INSIDE CHINA: Yuan Gains As Fixing Rises Most in Over Two Weeks
Source: BFW (Bloomberg First Word)
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Khoon Goh (Australia & New Zealand Banking Group Ltd)
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(Bloomberg) -- CNY rises to two-week high after the currency’s reference rate strengthens by most in 17 days while other Asian currencies also climb against the USD.
Alert: HALISTER1- PBOC strengthened CNY fixing rate by 0.42%, most since June 6, to 6.5658 per USD
- CNY gains as much as 0.1% to 6.5685 vs USD, strongest since June 8; CNH is little changed at 6.5812; spread widens to around 90 pips
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- Yuan fixing is strong, given overnight USD weakness on broad-base GBP and EUR rally
- Asian currencies may gain some strength early today, but may not extend further as they have priced in a lot this week
- Abrupt moves possible as liquidity gets thinner
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- Appetite for dim sum bonds revives as yuan volatility recedes, investors drawn by extra yield
- China Postal Savings Bank approved to sell 50b yuan tier-2 capital bond
- Best-performing China fund in U.S. bets on new economy stocks
- China steps up stimulus by stealth in its efforts to ensure growth target this yr
- China should phase out ‘zombie cos.,’ PBOC adviser says: Caixin
Source: BFW (Bloomberg First Word)
People
Khoon Goh (Australia & New Zealand Banking Group Ltd)
To de-activate this alert, click here
UUID: 7947283