Frances Cheung, Research Analyst at Westpac, notes that the PBoC skipped OMO on Thursday, and hence there is no confirmation on a rate hike or not. Key Quotes “There is no regular monetary policy meeting in China, which means the authority can adjust rates any time. Skipping OMO today per se does not have an implication on future rates move.” “Our view remains that there is minimal pressure for the PBoC to hike OMO rates given the narrow spreads with market rates. The rates market is likely to turn quiet going into the week-long holidays.” “PBoC measures have managed to stabilise the RMB, and we expect USD/CNH to trade in ranges in the week ahead. If USD/CNH breaks the 50DMA at 6.85 then the next support is 6.79. Upside resistance remains at 6.96.” “The FX balance by banks on behalf of clients became more negative showing an outflow of USD9.25bn in August, versus an outflow of USD0.43bn in July. Nevertheless, the outflows via forward contracts narrowed by USD10bn. Overall, there is no heightened risk of capital outflows, contributing to the stabilization in the RMB.” 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 GBP/USD headed to 1.3000 amid sell-off in European equities FX Street 4 years Frances Cheung, Research Analyst at Westpac, notes that the PBoC skipped OMO on Thursday, and hence there is no confirmation on a rate hike or not. Key Quotes "There is no regular monetary policy meeting in China, which means the authority can adjust rates any time. Skipping OMO today per se does not have an implication on future rates move." "Our view remains that there is minimal pressure for the PBoC to hike OMO rates given the narrow spreads with market rates. The rates market is likely to turn quiet going into the week-long holidays." "PBoC measures have managed to… 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.
