PBoC sets USD/CNY mid-point at 6.8593 vs exp. 6.8173 (Prev. 6.8657)
The PBoC's setting of the USD/CNY midpoint significantly above expectations suggests a more cautious approach towards the yuan, which may indicate concerns about economic stability or a desire to control capital flows.
PBoC injects CNY 1bln via 7-day reverse repos with the rate at 1.40%
Russian Foreign Minister Lavrov arrives in China for official visit
PBoC sets USD/CNY mid-point at 6.8593 vs exp. 6.8173 (Prev. 6.8657)
Saudi Arabia is pressing the US to drop its Hormuz blockade, with Gulf energy exporters worrying that Iran could escalate and close the Bab al-Mandeb, according to WSJ
PRE-MARKET CHINESE STOCKS NEWS: Chinese Trade Data is scheduled today
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This deviation from the market forecast could impact cross-asset sentiment, with particular implications for USD-denominated assets and risk appetite in Asia, potentially strengthening the dollar against the yuan in the near term.
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