According to Frances Cheung, analyst at Westpac, near-term resistance for USD/CNY is at 7.20. Key Quotes “The economic backdrop – with persistent impact from tariffs on trade flows, which filters through onto production and investment – should put upward pressure on USD/CNY, and we maintain our year-end forecast of 7.30.” “We are not more bearish RMB than this as the still stable onshore RMB sentiment and expected continued bond inflows are likely to check RMB weakness. Foreign buying of onshore CGBs (China Government Bonds) rose to CNY53.2bn during September (CNY88bn into all CNY bonds), the biggest monthly purchase since August 2018.” “Index inclusions can potentially bring in up to CNY50bn of monthly purchase of CNY bonds, we estimate. Most of the flows are likely to go into CGBs and PFBs (policy financial bonds) before newcomers become more familiar with the Chinese credit market.” 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 Forex News Today: Daily Trading News share Read Next EU’s Barnier: UK accepted solution to replace backstop cannot erect customs border on Island of Ireland FX Street 4 years According to Frances Cheung, analyst at Westpac, near-term resistance for USD/CNY is at 7.20. Key Quotes "The economic backdrop - with persistent impact from tariffs on trade flows, which filters through onto production and investment - should put upward pressure on USD/CNY, and we maintain our year-end forecast of 7.30." "We are not more bearish RMB than this as the still stable onshore RMB sentiment and expected continued bond inflows are likely to check RMB weakness. Foreign buying of onshore CGBs (China Government Bonds) rose to CNY53.2bn during September (CNY88bn into all CNY bonds), the biggest monthly purchase since August… 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.
