Monday , 10 February 2025
Home Forex AUD spikes on firm CNY setting
Forex

AUD spikes on firm CNY setting

The People’s Bank of China has set the mid rate for the onshore yuan nearly 13 big figures from the modelled estimate:

It gave AUD a boost (AUD likes a stronger yuan compared to a weaker because it makes Australian exports to China that little bit less expensive). On Friday the PBOC set the yuan at a relatively weaker rate, fuelling speculation that it was back pedalling a little from its very strong yuan policy. The firm set today looks aimed at killing such thoughts.

Also, the PBoC injected funds via OMOs today, they’d backed off from this late last week.

This article was written by Eamonn Sheridan at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Trump says it’s time to get rid of the penny

This is a straight win and should have been done long ago....

Here is a tailwind for Monday markets

Our friend Neil Sethi from Sethi Associates brings us a note from...

Trump floats the idea that some Treasury debt isn’t valid

I don't even know whether to address this one because the details...

China may target US tech firms as a trade war strategy

Chinese officials are building a list of U.S. technology companies that can...