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Yuan Recovers From Week Low As Investors Undo Dollar Bets

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Yuan Recovers From Week Low As Investors Undo Dollar Bets

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SHANGHAI – The Chinese yuan bounced on Monday

from its lowest level in more than a week against the dollar, as some

Investors benefited from their long dollar positions after

Strong US Employment Data

The dollar rose against its major peers, like a jump in

US payrolls led merchants to position themselves for a

gradual reduction of stimulus from the Federal Reserve.

The strength of the dollar dragged the central bank newspaper

lower yuan guidance fee. Before the market opening, People’s

The Bank of China (PBOC) set the midpoint rate at 6.4840

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per dollar, 215 pips weaker than the previous adjustment of 6.4625, the

weakest since July 29.

In the spot market, the onshore yuan opened at 6.4830

per dollar and changed hands at 6.4769 at noon, 76 pips

firmer than the close of the last previous session. He touched a minimum of

6.4880 on Friday, the weakest level since July 29.

Marco Sun, Chief Financial Markets Analyst at MUFG Bank at

Shanghai sees the dollar index trading closely after the US.

nonfarm payrolls, as the market was not yet clear when

The Federal Reserve would announce a gradual reduction of the pandemic stimulus.

Sun maintained his forecast that the yuan will trade in a range

6.45 to 6.49 per dollar at the moment, with some advantages

risks to the Chinese currency.

Several currency traders attributed the yuan’s rebound

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Monday morning to dollar-for-profit orders from some

corporate clients and bank accounts.

Meanwhile, the market’s focus was beginning to shift to the Fed.

Staff Comments at the Jackson Hole Annual Policy Symposium

later this month and Beijing’s signals on politics after the recent

the data pointed to an economic slowdown in China. Some analysts

they believe that a reduction by the Fed could curb China’s monetary easing.

Although the markets have not reached a consensus on the yuan

outlook, the Fed’s downsizing could boost the dollar and build up pressure

about the yuan. Monetary easing in China may add more downsides

risks and trigger capital outflows, a Chinese bank trader

saying.

China’s factory door inflation in July increased at a faster rate

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of the previous month and exceeded market expectations, the data

showed, but export growth unexpectedly slowed last month

after outbreaks of COVID-19 cases.

“Taking into account the spread of the virus in China and softening

demand for overseas exports, China’s growth momentum is subject to

downward bias and monetary policy divergence between the BPC and the Fed

probably put pressure on the RMB exchange rate, in our opinion, “said Ken

Cheung, chief Asian currency strategist at Mizuho Bank in Hong Kong.

At noon, the global dollar index stood at 92.8,

while the offshore yuan was trading at 6.4757 per

dollar.

The yuan market at 0400 GMT:

PLACE ON LAND:

Item Current Previous Change

PBOC midpoint 6,484 6,4625 -0.33%

Yuan spot 6.4769 6.4845 0.12%

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-0.11% divergence

middle point *

Cash change to date 0.79%

Spot change since 2005 27.78%

revaluation

Key indices:

Item Current Previous Change

Thomson 98.55 98.42 0.1

Reuters / HKEX

CNH Index

Dollar index 92.8 92.871 -0.1

* Divergence of the dollar / yuan exchange rate. Negative number

indicates that the spot yuan is trading stronger than the midpoint.

The People’s Bank of China (PBOC) allows the exchange rate to

raise or lower 2% of the official midpoint rate established by each

Tomorrow.

OFFSHORE MARKET CNH

Instrument current difference

from land

Yuan cash offshore 6.4757 0.02%

*

Offshore 6.6509 -2.51%

not deliverable

forward

**

* Premium for offshore spot over onshore

** The figure reflects the difference from the official PBOC midpoint,

as undeliverable forwards are settled against the midpoint.

.

(Reporting by Winni Zhou and Andrew Galbraith; Edited by

Jacqueline Wong) lyrics

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In-depth reports on the economics of innovation from The Logic, presented in association with the Financial Post.

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