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    China's Yuan Firms Slightly After State Bank Buying Streak, Offshor..
    Author: Doyle Luckett
    Website: http://presspost.az/?type=xebergoster&id=6007
    Added: Mon, 20 Mar 2017 01:14:45 +0000
    Category: Scams
    Printable version | Email | Bookmark

    HONG KONG, Dec 5 (Reuters) - China's yuan firmed slightly against the buck on Monday, buoyed by last week's purchases by state-owned banking institutions, stricter controls on funds flowing overseas and tighter liquidity in onshore and offshore money marketplaces.
    Reiterations from Chinese officials the fact that yuan should be kept stable also reinforced perceptions that authorities had been intent on trying to stabilise the currency against the dollar for now, right after it recently plumbed more than 8-year lows. "It is very expensive to short the yuan in just offshore markets now and the offshore yuan has also become stronger than onshore yuan, " said a trader in a Chinese bank in Beijing.

    "We've noticed this new phenomenon and so are studying our trading strategy, inch the trader said. The Householder's Bank of China set the midpoint rate at 6. 887 per dollar prior to the market open, weaker than the previous fix associated with 6. 8794. In the spot marketplace, the yuan opened at 6. 8870 per dollar and has been changing hands at 6. 8895 at midday, 5 pips much softer than the previous late session near and 0. 04 percent far from the midpoint.

    "We are viewing an interesting combination of stable RMB and volatile money market. Between foreign currency stability and interest rate stability, currency stability takes the priority for the moment. This should be the guidance for investors in the coming months, " stated OCBC analysts in a note upon Monday.
    Interbank borrowing rates within the offshore yuan market have been elevated in the past few days as market gamers are worried that yuan liquidity may be further squeezed due to tightening procedures and a shrinking yuan pool within Hong Kong as the currency's slide can make yuan-denominated assets less attractive.

    Hong Kong's overnight yuan borrowing rate was fixed at the highest degree in more than two months again on Monday, rising to 12. 37 percent from 7. 16 percent on Friday. China should make use of its foreign reserves to help sustain market confidence in the yuan, as expectations of further depreciation possess led the exchange rate in order to overshoot against the U. S buck, local media quoted a main bank adviser as saying.

    "Now is the best time to stabilise yuan foreign currency expectations, " Sheng Songcheng, advisor to the People's Bank of Cina (PBOC) said during a forum within Beijing, according to the 21st Century Business Herald newspaper. The Thomson Reuters/HKEX Worldwide CNH index, which tracks the offshore yuan against a basket of currencies on a daily basis, stood at 95. 82, firmer than the previous day's 95. 79.

    The worldwide dollar index rose to 101. 46 from the previous close of 100. 77, supported by objectives of a U. S. rate hike later next week. The offshore yuan was trading 0. 07 % away from the onshore spot on 6. 8844 per dollar. Just offshore one-year non-deliverable forwards contracts (NDFs), considered the best available proxy intended for forward-looking market expectations of the yuan's value, traded at 7. 1005, -3. 01 percent away from the particular midpoint.

    One-year NDFs are settled against the midpoint, not the spot price. The yuan market at 0416 GMT: ONSHORE SPOT: Item Present Previous Change PBOC midpoint 6. 887 6. 8794 -0. 11% Spot yuan 6. 8895 6. 89 0. 01% Divergence through 0. 04% midpoint* Spot alter YTD -5. 75% Spot modify since 2005 20. 13% revaluation Key indexes: Item Current Earlier Change Thomson 95. 82 ninety five. 79 0. 0 Reuters/HKEX CNH index Dollar index 101. 46 100. 77 0. 7 *Divergence of the dollar/yuan exchange rate.

    Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China and taiwan (PBOC) allows the exchange rate to rise or fall 2 percent from official midpoint rate this sets each morning. OFFSHORE CNH MARKETPLACE Instrument Current Difference from onshore Offshore spot yuan 6. 8844 0. 07% * Offshore seven. 1005 -3. 01% non-deliverable forwards ** *Premium for offshore place over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled contrary to the midpoint.

    . (Reporting by Michelle Chen; Editing by Kim COghill)

    View all Doyle Luckett's articles


    About the Author:
    Got nothing to write about me I think.
    Yes! Im a member of this site.
    I just hope I'm useful at all

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