Philippine Exports YoY (Jan) Y/Y 7.9% (Prev. 23.3%)
The 7.9% year-on-year growth in Philippine exports for January is a significant slowdown from the previous 23.3%.
PBoC sets USD/CNY mid-point at 6.9228 vs exp. 6.8428 (Prev. 6.9228)
PRE-MARKET CHINESE STOCKS NEWS: Earnings from Baidu (9888 HK) and Sun Hung Kai Properties (16 HK)
Philippine Exports YoY (Jan) Y/Y 7.9% (Prev. 23.3%)
[MARKET UPDATE] USD/CNH climbs following the PBoC's lowering the FX risk reserve ratio back to 0% from the 20% level that had been in place since September 2022 and was a tool aimed at stabilising the FX market that made shorting the currency more costly
PBoC is to cut FX Risk Reserve Ratio for forward FX sales to 0% from 20% effective March 2nd to promote FX market development and support corporate exchange rate risk management
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This could indicate weakening demand for Philippine goods, which may impact the country's economic outlook and trade balance, potentially influencing currency movements in the FX market as investors reassess growth expectations.
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