News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Democratic Senator Manchin open to President Biden's "human infrastructure" and undoing some GOP tax cuts - NBC
  • pretty sure I made a Time Variance Authority reference when critiquing strong form market efficiency earlier today in the @Nadex boot camp needless to say I’m hyped for #Loki episode 3 tonight
  • Bank of Japan member says need to enhance easing during the expected recovery - BBG
  • Bank of Japan member says vaccination delays will mean slower growth - BBG
  • Heads up traders! Will be covering the #Euro in the aftermath of last week's #Fed and incoming US PCE data and the BoE later this week, looking at retail trader positioning $EURUSD $EURGBP Starting the session in about 10min, signup below! https://t.co/N2qpEMbpBv
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/AzOQip9B3r https://t.co/Bp8J3szHKq
  • Heads Up:🇯🇵 BoJ Monetary Policy Meeting Minutes due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-22
  • The US Dollar may gain versus ASEAN currencies like the Singapore Dollar, Thai Baht and Philippine Peso after the Fed projected 2 rate hikes by the end of 2023. All eyes on US PCE data. Get your market update from @ddubrovskyFX here:https://t.co/LaLVW8FFHI https://t.co/W7AHAcuZbO
  • 5 out of 9 Dow Jones sectors ended higher, with 43.3% of the index’s constituents closing in the green. Consumer discretionary (+1.27%) and materials (+0.62%) outperformed, whereas industrials (-0.25%) and communication services (-0.21%) trailed behind. https://t.co/iBLgt4PcYc
  • 🇦🇺 Markit Manufacturing PMI Flash (JUN) Actual: 58.4 Previous: 60.4 https://www.dailyfx.com/economic-calendar#2021-06-22
China's Market News: Yuan Near Key Resistance After G-20 Ends

China's Market News: Yuan Near Key Resistance After G-20 Ends

Renee Mu, Currency Analyst

This daily digest focuses on market sentiment, new developments in China’s foreign exchange policy, changes in financial market regulations and Chinese-language economic coverage in order to keep DailyFX readers up-to-date on news typically covered only in Chinese-language sources.

- The offshore Yuan moved in the opposite direction of the PBOC’s guidance on Tuesday.

- China’s President Xi Jinping addressed national strategies in the G-20 meetings.

- The State Council will loosen controls on infrastructure investment in the effort of supporting private investment.

To receive reports from this analyst,sign up for Renee Mu’ distribution list.

Sina News: China’s most important online media source, similar to CNN in the US. They also own a Chinese version of Twitter, called Weibo, with around 200 million active usersmonthly.

- The PBOC set Yuan’s reference rate by +197 pips or 0.295% stronger against the U.S. Dollar to 6.6676 on September 6. However, following the release of the reference rate, the offshore Yuan weakened against the Dollar, with USD/CNH rising toward the key resistance of 6.7000 once again.

Yuan rates saw steady moves ahead of and during the G-20 meetings which were hosted in Hangzhou, China. As the meetings has ended over the past weekend, the speculation on elevated volatility in Yuan appears to rise again, by testing levels near the key resistance of 6.7000. The PBOC’s daily guidance will signal whether a breakout above this level is agreed by the Central Bank.

In the early portion of the New York session, a weaker-than-expected U.S. Non-Manufacturing print for August sent the Dollar lower against its counterparts including the Chinese Yuan. The USD/CNH dipped below 6.6832, a major support level that it held over the past week.

China's Market News: Yuan Near Key Resistance After G-20 Ends

Created with Marketscope/Trading Station II; prepared by Renee Mu.

Hexun News: Chinese leading online media of financial news.

- The Chinese President Xi Jinping addressed several key issues in the G-20 meetings.

Mr. Xi told that the Chinese government will continue to implement the ‘One-Belt, One-Road (OBOR)’ initiative, which is designated to promote economic engagement and investment along two main routes. The first route runs westward overland through Central Asia to Europe while the second route is a marine route which passes South-east Asia, South Asia, and Africa and finally reach Europe.

In the post-Brexit world, the OBOR initiative will not only promises opportunities for domestic companies but could be also important for China’s counterparts. On August 23rd, Richard Graham, the head of a British parliamentary committee on China relations told that it was a priority to strengthen links among UK, Hong Kong and mainland China and to take advantage of opportunities under the OBOR initiative.

In terms of production cuts, President Xi said that the country will firmly implement the national reduction plan. As of the end of July, China’s manufacturing sector has only completed 38% of targeted capacity cuts in coal and 47% cuts in steel. In order to achieve the annual goal, we will likely to see strict measures to be introduced over the rest of 2016.

President Xi also told that the country will continue to promote a market-driven Yuan exchange rate regime, further open Chinese capital markets and improve Yuan’s global use. The Deputy Governor Yi Gang told that the Central Bank will facilitate the introduction of SDR-denominated bonds and other financial products in China.

China Finance Information: a finance online media administrated by Xinhua Agency.

- The Chinese government will further loosen controls on infrastructure investment, in the effort of providing more opportunities for private capitals, according to China’s Premier Li Keqiang at the State Council meeting on Monday. China’s private sectors are seen reducing investment opportunities and thus holding excessive cash. In order to support them, the Chinese government have been promoting the Public-Private-Partnership (PPP) model and encouraging private firms to participate in projects announced at the 13th Fifth plenum.

To receive reports from this analyst,sign up for Renee Mu’ distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES