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RBS analysts argue the People's Bank of China has stopped defending USD/CNY at 6.70 after the National Holiday. They say the yuan's move mainly reflects broad dollar strength rather than a policy shift.
The analysts note the PBoC is still slowing the yuan's decline by setting fixings slightly below the rule-implied level.
A weaker yuan with stable policy support can gradually reduce China's buying power for imported feed ingredients. Traders should watch whether the PBoC intervenes further if depreciation accelerates.
octaafrica.net13 okt 2016Na 398 eerdere opwaarts macro-gebeurtenissen bewoog Chinese yuan (CNY per USD) zich mediaan +0,0% over 5 sessies (56% hoger; middelste helft -0,3% tot +0,5%), en +0,0% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
RBS said the PBoC stopped defending 6.70 and the move reflected broad dollar strength, explaining the sharp USD/CNY rise.
