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USD/CNY steady for the 4th day

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The USD/CNY is largely unchanged today as PBOC’s efforts to quell volatility appear to be working for now.

    Slightly weaker fix

    The People’s Bank of China (PBOC) set the midpoint rate at 6.5585 per dollar prior to the market’s open. That is only 0.01% weaker than the previous fix 6.5578. The spot finds itself stuck in a tight 70 pips range over the past week.

    Offshore Yuan weakens, forwards indicate weakness

    The offshore yuan was trading 0.42 percent softer than the onshore spot at 6.6072 per dollar. Meanwhile, the forward markets are indicating depreciation ahead. The three-month USD/CNY NDFs (non-deliverable forwards) indicate the Yuan could drop around 2% from current levels by April.
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