| Commentary

Become a contributor

Bookmark Econotimes

| Commentary

Canada's economy shows growth in July, but growth stalled in

U.S. existing home sales decline in August

Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated

U.S. Consumer Confidence falls in September

Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026

Bank of Japan Signals Cautious Path Toward Further Rate Hikes Amid Yen Weakness

Swiss franc likely to gradually depreciate against euro in coming months

U.S. House prices increase slightly in July

Germany's unemployment exceeds expectations in September

Australia Treasurer Backs RBA Governor’s Support for Fed Chair Jerome Powell Amid Independence Concerns

Why BOJ Rate Cut Hopes Could Crush Crypto: The Hidden Bearish Twist

U.S. weekly jobless claims unexpectedly decrease

U.S. Urges Japan on Monetary Policy as Yen Volatility Raises Market Concerns

Reserve Bank of India likely to stand pat in December

ECB Signals Steady Interest Rates as Fed Risks Loom Over Outlook

Taiwanese money supply continues to see strong growth, CBC likely to keep rates on hold in December

U.K.’s flash PMI indices indicate decline in business activity in November, composite index falls to 47.4

©Econometrics LLC . All Rights Reserved.

PBoC set CNY fixing rates lower again

Wednesday, August 12, 2015 7:39 AM UTC

PBoC spiked the USD-CNY fixing rate by another 1008pips, or 1.62% this morning to 6.3306. The fixing rate is 0.09% weaker than yesterday's closing. The offshore CNH breached above 6.50 this morning after the CNY fixing, notes Commerzbank.

In this case, the CNY-CNH spread widened to around 1.3%. Today's CNY fixing rate appears in line with PBoC's statement that it would promote the market-oriented fixing rate mechanism.

IMF also stated this morning that a more market-determined exchange rate would facilitate SDR operations in case the renminbi were included in the currency basket going forward, states Commerzbank. As the CNY weakens sharply, Asian currencies are still under pressure, with Bloomberg Asia currency index falling by roughly 1% overnight.

Editor's Picks

Breathing through your nose when you exercise may make your runs easier

Entrepreneurs are facing a mental health crisis — here's how to help them

Are fish oil supplements as healthy as we think? And is eating fish better?

Will AI kill our creativity? It could – if we don’t start to value and protect the traits that make us human

Does AI have a right to free speech? Only if it supports our right to free thought

How can I lower my cholesterol? Do supplements work? How about psyllium or probiotics?

Why we need to set limits on sperm donation

Aging with a healthy brain: How lifestyle changes could help prevent up to 40% of dementia cases

Seven techniques to avoid weight regain, approved by experts

Market Data

Tesla Plans FSD Subscription Price Hikes as Autonomous Capabilities Advance

Colombia Suspends Electricity Exports to Ecuador as Trade and Security Dispute Escalates

Somaliland President Meets Eric Trump and Israeli President at Davos to Seek Recognition and Investment

ByteDance Finalizes Majority U.S.-Owned TikTok Joint Venture to Avert American Ban

Oil Prices Rebound on Iran Tensions as Supply Risks and U.S. Inventory Data Shape Markets

FxWirePro: GBP/AUD downside pressure builds, key support level in focus

Intel Stock Slides Despite Earnings Beat as Weak Q1 Outlook Raises Concerns

Trump Launches U.S.-Led Board of Peace to Oversee Gaza Ceasefire and Expand Global Role

FxWirePro: EUR/NZD extends fall, vulnerable to more downside

EconoTimes

Disclaimer: EconoTimes provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and EconoTimes specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Brokerage. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. EconoTimes expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.

PBoC set CNY fixing rates lower again

Editor's Picks

Welcome to EconoTimes