ForexLive Asia-Pacific FX news wrap: A series of easings from the People's Bank of China - HUBFX 外贸英欧美加本地收款账户 | 满足36个币种的收款需求

July 22, 2024 at 04:50AM

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China cuts 1 and 5 year loan prime rates by 10 basis points each

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PBOC to lower collateral for Medium-term Lending Facility (MLF) loans

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Heads up for China rate setting coming up on Monday

Politics
was the bombshell news to open the week. US President Biden pulled
out of the 2024 contest early on Sunday afternoon, US time, well
prior to Asian markets opening. Very early pricing was not overly
volatile, early NZ saw the US dollar drop a little. EUR, AUD, NZD,
GBP, CAD and even JPY gained a few tics or so. As more Asian centres
came towards being online, Australia, Japan, then Hong Kong and
Singapore (these final two are in the same time zone) the losses for
the USD extended further, but the moves were not large, not at all.
US equity index markets opened (Globex on the CME) with ES and NQ up
also.

Over
the course of the morning the USD bottomed out and all those
currencies just mentioned gave back their gains. The biggest loser of
the lot was the AUD, which dropped 35+ points from its early high.

The
next item of any note to hit was a series of easings from the
People’s Bank of China:

the
PBOC cut the rate on its 7-day reverse report from 1.8% to 1.7%, the
first cut since August last year

at
the same time the PBOC promised support for the CNY, saying it’d
strengthen the counter-cyclical adjustment to “better support
the real economy”

the
PBOC then announced it was lowering collateral requirements for
medium term lending facility loans, the move is aiming to increase
the size of tradable bonds in the market

the
PBOC followed up with a 10bp cut to each of the one- and five-year
loan prime rates

On
the LPRs, the
one-year rate has been cut to 3.35%

prior
3.45%

The
five-year rate has been cut to 3.85%

prior
3.95%

USD/CNH
traded higher, but again its not a huge move.

This article was written by Eamonn Sheridan at www.forexlive.com.

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