PBOC sets USD/CNY reference rate at 7.1696 vs. 7.1703 previous

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On Wednesday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1696 as compared to the previous day’s fix of 7.1703 and 7.2642 Reuters estimates. PBOC FAQs The primary monetary policy objectives of the People’s Bank of China (PBoC) are to safeguard price stability, including exchange rate […]

PBOC Governor Pan: Interest rate and RRR tools will be utilized to maintain ample liquidity

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People’s Bank of China (PBOC) Governor Pan Gongsheng said on Monday that “interest rate and RRR tools will be utilized to maintain ample liquidity.” Additional comments Reaffirms China plans to increase the fiscal deficit. China will remain a driving force for the global economy. Policy focus should shift towards investment and consumption. Challenges persist in […]

PBOC stalls treasury bond buying citing short supply

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The People’s Bank of China (PBOC) announced on Friday that it has halted treasury bond purchases temporarily due to short supply of the bonds. The Chinese central bank’s declaration comes after repeated warnings of bubble risks in country’s red-hot bond market. Market reaction The Chinese Yuan has come under moderate selling pressure despite the above […]

PBOC vows more stimulus to boost consumption

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The People’s Bank of China (PBOC) said it will step up financial support for technology innovation and consumption stimulation as part of a continued effort to boost economic growth, per Bloomberg.  China’s central bank further stated that it will use new tools to provide liquidity to the stock market and reaffirmed its commitment to lower […]

CNY: What’s been driving a stronger renminbi? – MUFG

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The main economic data release overnight was the latest CPI report from China for July, MUFG FX analyst Lee Hardman notes. USD/CNY rises back towards the 7.1800 level “The report revealed that headline inflation picked up modestly by 0.3 points to 0.5% in July. The core measure on inflation fell to 0.4% in July from […]

AUD/USD extends losing streak on downbeat Aussie economic outlook

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AUD/USD tumbles to near 0.6600 on multiple headwinds. China’s poor economic outlook, sliding iron ore prices, and weak Aussie Judo Bank flash PMI have weighed heavily on the Australian Dollar. The US Dollar will dance to the tunes of the US PCE inflation report for June. The AUD/USD pair extends its losing spell for the […]