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18 Mar 2014
Flash: CNY continues to weaken - BTMU
FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, observe the yuan is extending its downside.
Key Quotes
"Elsewhere, the Chinese yuan has continued to weaken in the Asian trading session although more modestly than yesterday. The USD/CNY spot rate remains within its old +/- 1.0% trading band following the band widening over the weekend to +/-2.0%."
"The Chinese authorities continue to set a stable fixing rate at just above the 6.13-level as they have done over the past week providing no clear signal that they are actively seeking to weaken the yuan. It was reported overnight that there has been a further moderation in house price growth in China as credit conditions have tightened."
"The prices of new commodity residential properties for 70 medium-to-large-sized cities surveyed by the National Bureau of Statistics increased by an annual rate of 8.6% in February compared to 9.5% in January. The government has pledged to improve social housing setting a target to build 7.0 million units and complete 4.8 million in 2014. The recent loss of economic momentum in China continues to pose more downside risk to the global growth than developments in the Ukraine."
Key Quotes
"Elsewhere, the Chinese yuan has continued to weaken in the Asian trading session although more modestly than yesterday. The USD/CNY spot rate remains within its old +/- 1.0% trading band following the band widening over the weekend to +/-2.0%."
"The Chinese authorities continue to set a stable fixing rate at just above the 6.13-level as they have done over the past week providing no clear signal that they are actively seeking to weaken the yuan. It was reported overnight that there has been a further moderation in house price growth in China as credit conditions have tightened."
"The prices of new commodity residential properties for 70 medium-to-large-sized cities surveyed by the National Bureau of Statistics increased by an annual rate of 8.6% in February compared to 9.5% in January. The government has pledged to improve social housing setting a target to build 7.0 million units and complete 4.8 million in 2014. The recent loss of economic momentum in China continues to pose more downside risk to the global growth than developments in the Ukraine."