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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
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
More View more
Real Time News
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here:
  • 🇮🇳 Markit Manufacturing PMI (SEP) Actual: 56.8 Expected: 52.8 Previous: 52
  • Trump signs stopgap funding bill to avert government shutdown -BBG
  • #USD is again struggling against #ASEAN currencies as of late Could recent gains seen in $USDSGD, $USDMYR, $USDPHP and $USDIDR be at risk? Check out my latest tech update here -
  • Heads Up:🇮🇳 Markit Manufacturing PMI (SEP) due at 05:00 GMT (15min) Expected: 52.8 Previous: 52
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.17%, while traders in Wall Street are at opposite extremes with 67.02%. See the summary chart below and full details and charts on DailyFX:
  • What is seasonal change in volatility. Are we going through one right now? Find out:
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.20% 🇨🇦CAD: 0.19% 🇪🇺EUR: 0.19% 🇨🇭CHF: 0.15% 🇬🇧GBP: 0.12% 🇯🇵JPY: 0.02% View the performance of all markets via
  • White House Chief of Staff Mark Meadows: White House virus stimulus counteroffer above $1.5 trillion -BBG
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.73% US 500: 0.59% FTSE 100: 0.42% France 40: 0.22% Germany 30: 0.21% View the performance of all markets via
Yuan Slid after China Cut Reserve Requirement, Eyes on PBOC Next

Yuan Slid after China Cut Reserve Requirement, Eyes on PBOC Next

2018-10-08 20:32:00
Renee Mu, Currency Analyst


  • The PBOC cut reserve requirement ratio again, good news for companies to borrow money.
  • The move fueled bearish momentum in the Yuan, with USD/CNH breaking above 6.90.
  • Watch PBOC’s moves with both common and uncommon tools for the Yuan rate next.

The USD/CNH broke above a key psychological level of 6.90 on Monday, following PBOC’s 4th cut on the reserve requirement ratio (RRR) this year. Effective on October 15, the RRR on most Chinese banks will be reduced by 1.0%. This is expected to add 750 billion Yuan liquidity to the money market, after excluding the 450 billion Yuan withdrawals through Medium-term Lending Facility (MLF).


Yuan Slid after China Cut Reserve Requirement, Eyes on PBOC Next

For Chinese companies, this is good news as their borrowing costs in the money market could be reduced in the near-term, when China maintains the prudent monetary policy in general. However, the move fueled bearish momentum in the Yuan, especially when Fed is on a different track, hiking rates. On Monday, the USD/CNH touched 6.9374, the upper band of a parallel.

With a December Fed rate hike likely underway, the odds of the USD/CNH breaking its record high of 6.9865 since it was quoted in 2010, and testing the next key level of 7.0 by the end of this year has increased.

Yet, in the near-term, PBOC’s guidance will continue to play a key role. The daily reference rate set by the regulator on Monday was 6.8957, still below 6.90. This is the first guidance rate after China’s onshore market was closed for a 7-day holiday and no reference rate was provided. If the regulator tries to calm the market with its policy tools, the rise in the USD/CNH may pause. Thus, keep an eye on PBOC’s daily reference rate on Tuesday, as well as if any move on the uncommon tools, from offshore central bank bills, to the reserve requirement ratio on FX forwards.

Download a free trading guide to improve your knowledge of trading the news.

-- Written by Renee Mu, Currency Analyst with DailyFX

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