Analysts at TD Securities note that today’s CNY fix was the biggest since 27 June 16 as the fixing was lower than most models, largely reflective of the USD move but not entirely. Key Quotes “On a trade weighted basis (CFETS index) CNY is now at its weakest since August 20017. There is no doubt that China is letting the CNY weaken for now. As we noted in our latest CNY piece overnight the CNY NEER is being used as a shock absorber and main adjustment variable for monetary conditions to buffer the economy.” “Also CNY has dropped 8% since mid April, a nice counterbalance to 10% tariffs on Chinese goods. Goes without saying that the rest of Asia especially KRW, TWD, etc will get dragged lower. I still think China will not allow this to get out of hand. As soon as they get a whiff of domestic panic ie increased capital outflows they will step in, but clearly they’re not that concerned yet.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Global bull market not yet finished, but progress likely to be more difficult – Citi FX Street 5 years Analysts at TD Securities note that today's CNY fix was the biggest since 27 June 16 as the fixing was lower than most models, largely reflective of the USD move but not entirely. Key Quotes "On a trade weighted basis (CFETS index) CNY is now at its weakest since August 20017. There is no doubt that China is letting the CNY weaken for now. As we noted in our latest CNY piece overnight the CNY NEER is being used as a shock absorber and main adjustment variable for monetary conditions to buffer the economy." "Also CNY has dropped 8% since… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
