USD/CNY rises to 6.5552 – the highest level since December 28. The Chinese currency is losing ground as the People’s Bank of China (PBOC) cleared the way to inject US $100 billion. The USD/CNY pair rose to 6.5552 on Tuesday – the highest level since December 28, possibly due to PBOC’s liquidity injection. The central bank on Sunday announced it would cut the amount of cash that some banks need to hold in reserve – known as the reserve requirement ratio. The move is seen infusing US $100 billion to help soften the blow from a trade battle with the US. Further, the PBOC did not raise rates following US Fed’s 25 basis point rate hike and the resulting widening of the rate differential could be playing a role in pushing CNY lower. USD/CNY Technical Levels Resistance: 6.5590 (Dec. 27 high), 6.57 (Oct 11 low), 6.5725 (Nov. 23 low). Support: 6.5354 (Jan 10 high), 6.4749 (Jan. 8 low), 6.4355 (September 8 low). 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 AUD/JPY Technical Analysis: Bear flag breakdown seen in hourly chart FX Street 4 years USD/CNY rises to 6.5552 - the highest level since December 28. The Chinese currency is losing ground as the People's Bank of China (PBOC) cleared the way to inject US $100 billion. The USD/CNY pair rose to 6.5552 on Tuesday - the highest level since December 28, possibly due to PBOC's liquidity injection. The central bank on Sunday announced it would cut the amount of cash that some banks need to hold in reserve - known as the reserve requirement ratio. The move is seen infusing US $100 billion to help soften the blow from a trade battle with the… Top 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.
