PBoC sets USD/CNY mid-point at 6.8487 vs exp. 6.8087 (prev. 6.8562)
The PBoC's setting of the USD/CNY mid-point above market expectations suggests a more cautious approach towards managing the yuan, which could indicate a readiness to allow more depreciation or address export competitiveness.
Australian Exports MoM (Mar) M/M -2.7% (Prev. 4.9%)
PBoC injects CNY 27bln via 7-day reverse repos with the rate maintained at 1.40%
PBoC sets USD/CNY mid-point at 6.8487 vs exp. 6.8087 (prev. 6.8562)
[MARKET UPDATE] Modest downside in oil prices has spurred USD weakness, G10s against the greenback has formed new session highs/lows, despite no clear driver; spot gold regains USD 4700 handle
PRE-MARKET CHINESE STOCK NEWS: CK Hutchison considering further sales, CITIC looking to sell Alcoa stake
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This adjustment may influence market perceptions of monetary policy direction and could have ripple effects across various asset classes, including risk sentiment and positioning in USD.
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