China's yuan held familiar ranges on Monday morning, as investor caution about developments in the Sino-U.S. trade dispute and other global risks kept market volumes thin. A slew of events this week, including the Dec. 15 deadline for U.S. tariffs on Chinese goods, the UK election and major central bank decisions, could shape the investor outlook for 2020 and have the potential to jolt market confidence.
Prior to the market opening on Monday, the People's Bank of China (PBOC) set the midpoint rate at 7.0405 per dollar, 22 pips weaker than the previous fix of 7.0383. In the spot market, onshore yuan opened at 7.0343 per dollar and was changing hands at 7.0352 at midday, 2 pips weaker than the previous late session close.
The onshore spot yuan swung in a tight range of less than 70 pips in morning trade and volume shrunk to $10.306 billion by midday, compared with a typical half-day volume of about $15 billion. "The China-U.S. Phase One trade deal remains elusive. China's insistence for U.S. tariff rollbacks remains a critical red line," "U.S. President Trump has warned that, without a deal, the U.S. tariffs on Chinese goods will proceed as planned on Dec. 15." onshore and offshore yuan rates could revisit September highs around 7.20.
14 Aug 2020 04:44 PM
Indian shares settled lower for a third consecutive session on Friday, dragged by financial stocks as new quarantine restrictions from Britain and weak economic data from China hurt global investor sentiment.
14 Aug 2020 02:45 PM
The Indian rupee was little changed against the dollar this week, as likely intervention by the country’s central bank countered the impact of inflows
14 Aug 2020 11:50 AM
Indian shares rose on Friday, powered by drug stocks and heavyweight Reliance Industries, as hopes of more economic relief measures to blunt the impact of the COVID-19 pandemic boosted sentiment.
14 Aug 2020 11:15 AM
The yuan eased against the dollar in thin trade on Friday, with investors avoiding huge bets on the local currency ahead of a meeting of U.S. and Chinese trade officials.
14 Aug 2020 10:50 AM
Gold fought for traction on Friday as a jump in U.S. Treasury yields forced investors to reassess their positions again after a steep retreat from a record peak earlier this week, which put bullion on course for its first weekly fall since early June
14 Aug 2020 10:34 AM
The Indian rupee was at 74.82/74.83, against 74.84/74.85 in the previous session