Sunday , 5 January 2025
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ForexLive Asia-Pacific FX news wrap: PBoC and NDRC with China-supportive comments

China
took centre stage again during the Asia session, with Japanese
markets closed for another holiday.

The
Financial Times reported that the People’s Bank of China says an
interest rate cut this year is likely at an “appropriate time”.
Note that the main policy rate in China is the OMO reverse repo. This
is currently at 1.5% and its this the PBoC says it’ll be cutting.

AUD/USD
and NZD/USD traded a little higher on this news.

There
was follow-up from China, with the State Planner (the National
Development and Reform Commission of the People’s Republic of China
(NDRC) is the state planner) holding a briefing to outline further
supportive measures to come this year. More on the PBoC and NDRC in
the points above. Chinese
equities found some support on the news.

From
South Korea we had news that police efforts to arrest impeached
President Yoon Suk Yeol were blocked by his presidential security. The stand off continues. South Korean equities rose …

Major
USD FX rates traded in subdued ranges. USD/JPY has fallen away a
little, circa 157.25 or so as I update.

Gold
continued to tick higher, as did oil.

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

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