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28 Aug 2015
China fixing remains a focus -BBH
FXStreet (Guatemala) - Analysts at Brown Brothers Harriman explained that in the currency market, the PBOC fixed the dollar at CNY6.3986.
Key Quotes:
"This was 0.15% lower than previous day. The dollar had finished the Shanghai session on Thursday near CNY6.4015. As we suggested previously, the key under the new currency regime is not between the two fixings as had been previously the case, but between the spot close and the next day's fix. It appears that in order to ensure convergence it is not sufficient to intervene in the spot market."
"There needs to be a convergence between the forward rate implied and the actual money market rates. There are reports suggesting that a couple policy banks have been used to intervene in the swaps market to help bring the rates more into line. Chinese officials appear to be still trying to implement the August 11 decision about the new currency mechanism."
Key Quotes:
"This was 0.15% lower than previous day. The dollar had finished the Shanghai session on Thursday near CNY6.4015. As we suggested previously, the key under the new currency regime is not between the two fixings as had been previously the case, but between the spot close and the next day's fix. It appears that in order to ensure convergence it is not sufficient to intervene in the spot market."
"There needs to be a convergence between the forward rate implied and the actual money market rates. There are reports suggesting that a couple policy banks have been used to intervene in the swaps market to help bring the rates more into line. Chinese officials appear to be still trying to implement the August 11 decision about the new currency mechanism."