In an exclusive interview conducted by China Global Television Network on Monday, People’s Bank of China (PBOC) Governor Yi Gang said that the central bank’s monetary policy support prioritizes boosting credit over cutting interest rates lower, per Bloomberg. Key quotes “Will continue to be accommodative to support economic recovery in an aggregate sense.” China’s “real … Read more
In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.6930 vs. the last close of 6.6940. About the fix China maintains strict control of the yuan’s rate on the mainland. The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is not as … Read more
“China’s monetary policy should be alert to the lagging effect and subprime mortgage risks while focusing on stabilizing prices and the property market,” the 21st Century Business Herald said in its editorial story, citing a study by Bank for International Settlements (BIS). Additional takeaways “A 1% drop in nominal short-term interest rates would lead to … Read more
In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.7079 vs. the estimated 6.7046 and the previous 6.7109. About the fix China maintains strict control of the yuan’s rate on the mainland. The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is … Read more
“China’s financial regulators are likely to guide down banks’ capital costs to drive down their Loan Prime Rate quotations in H2, thereby reducing the loan interest rates for enterprises and residents,” the 21st Century Business Herald reported, citing analysts. Additional comments “LPR, based on the rate of PBOC’s medium-term Lending Facility and quotations submitted by … Read more
AUD/USD pares intraday gains after PBOC left monetary policy unchanged. Downbeat Iron ore prices, Aussie housing market fears join hopes of higher Fed rates, recession chatters to favor bears. Covid optimism in Beijing/Shanghai, hopes of US-China trade rebound challenge downside. Juneteenth holiday to restrict market moves, comments from RBA’s Lowe, Fed Chair Powell’s testimony will … Read more
USD/CNG has overstepped 6.7150 as PBOC sounded neutral on interest rates. The one-year PLR and five-year PLR have left unchanged at 3.7% and 4.45% respectively. The Fed may announce one more 75 bps rate hike in July. The USD/CNH pair has scaled above 6.7100 after the People’s Bank of China (PBOC) kept a neutral stance … Read more
The People’s Bank of China (PBOC) sets the USD/CNY reference rate at 6.7120 on Monday, compared to the previous close at 6.7160 and Friday’s PBOC fix of 6.6923. It’s worth noting that markets expected 6.7073 as a fix for the day. PBOC injects 10 billion yuan via 7-day reverse repos at 2.10% vs prior 2.10%, … Read more
AUD/USD is expected to find offers around 0.6950 on rising odds of one more 75 bps rate hike in July. Fed’s Mester sees inflation near 2% in at least two years. This week, RBA minutes and PBOC’s rate decision will be of significant importance. The AUD/USD pair has opened around Friday’s last traded price and … Read more
In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.7182 vs. the previous fix of 6.6994 and previous close of 6.7081. About the fix China maintains strict control of the yuan’s rate on the mainland. The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this … Read more