CNH load down – UOB

FXStreet (Guatemala) – Analysts at UOB Group noted that the flash estimate of Caixin manufacturing PMI came in at 47.0 for September, against consensus of 47.5, and August’s reading of 47.3.

Key Quotes:

“This data will continue to be closely monitored for indications of growth prospects in China. USD/CNY edged 0.11% higher to 6.3760 on Tuesday and USD/CNH rose marginally to 6.4166 from 6.3988 on Monday in line with higher central parity setting.”

“According to CFET data, trading volume on USD/CNY spot has dropped sharply to below US$20 bn/day in the last three days compared to an average of US$31.4 bn /day in August as PBoC maintained scrutiny over the currency.

Separately, the PBoC announced on Tuesday that for the first time ever foreign lenders will be able to sell yuan bonds in domestic markets. The PBoC set the USD/CNY central parity at 6.3773.”

Analysts at UOB Group noted that the flash estimate of Caixin manufacturing PMI came in at 47.0 for September, against consensus of 47.5, and August’s reading of 47.3.

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