PBoC sets USD/CNY mid-point at 6.9438 vs exp. 6.9109 (Prev. 6.9458)
The PBoC's setting of the USD/CNY mid-point at 6.9438 is notably weaker than the market expectation of 6.9109, indicating a more dovish stance than anticipated.
PBoC injects CNY 78.5bln via 7-day reverse repos with the rate at 1.40% and injects CNY 400bln via 14-day reverse repos with the rate at 1.65%
PRE-MARKET CHINESE STOCKS NEWS: SMIC (981 HK) prelim Q4 (USD) net rose 60.7% Y/Y to 172.8mln (exp. 170.3mln), rev. rose 12.8% Y/Y to 2.49bln
PBoC sets USD/CNY mid-point at 6.9438 vs exp. 6.9109 (Prev. 6.9458)
PRE-MARKET TAIWAN AND SINGAPORE STOCKS NEWS: TSMC (2330 TT) board of directors approved a USD 44.96bln capital budget
Tabcorp (TAH AT) CEO and Betmakers (BET) chair are said to be in high-level talks regarding a takeover of the latter
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This adjustment suggests potential pressure on the yuan and may reflect the PBoC's broader strategy to support economic growth amid global uncertainties. Traders may want to watch for subsequent effects on risk sentiment and related currency pairs.
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