USD/CNY mid-point

  • yesterday's close was 6.5756
  • yesterday's mid point was set at 6.5628 for the third consecutive day of a stable setting (little change on the previous day). So, make that the 4th consecutive stable rate setting now.

4 consecutive stable settings now. The PBOC is sending the message to chill out on the pace of yuan devaluation.

Coming up next (at the bottom of the hour) - the opening of the Chinese stock markets. the stability in the yuan is providing some stability in stocks... but its still volatile.

Due around 0200GMT then is the trade balance data.

Also, watch for the yuan HIBOR fix, which is due at 1115am in HK time (0315GMT). On Monday it hit a record 13.4% for the overnight rate. Then on Tuesday in a 'that's not a record, this is a record' it hit 66.8%

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Earlier: Here is why analysts and pundits are getting the yuan fix rate wrong