PBoC sets USD/CNY mid-point at 6.9695 vs exp. 6.9710 (Prev. 6.9678)
The People's Bank of China (PBoC) has set the USD/CNY mid-point slightly stronger than market expectations, indicating a modest easing in the yuan's depreciation against the dollar.
PRE-MARKET CHINESE STOCKS NEWS: Chinese official PMIs slipped into contraction territory
PBoC injects CNY 75bln via 7-day reverse repos with the rate at 1.40%
PBoC sets USD/CNY mid-point at 6.9695 vs exp. 6.9710 (Prev. 6.9678)
[MARKET UPDATE] Commodity prices are further pressured as Shanghai and LME futures trading gets underway with SHFE most active nickel contract slipping more than 7%, while spot gold is at fresh session lows with losses of around 5.7%
PRE-MARKET TAIWAN AND SINGAPORE STOCKS NEWS: Singapore Telecommunications (ST SP) and KKR are near a deal for STT Global Data Centres that would value it at SGD 13bln
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This small adjustment could suggest the PBoC's intent to stabilize the yuan amidst ongoing pressure, impacting cross-border flows and aligning with broader monetary policy considerations as the market digests potential implications for U.S.-China trade dynamics and overall forex stability.
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