USD / CNY reference rate for today from the PBOC

And, open market operations ... skipped today. The Bank says liquidity is appropriate


On Friday the Bank set the CNY for its index (basket) at 93.00

  • prior was 92.78 on April 28 setting
  • China Foreign Exchange Trade System (CFETS) sets the rate; CFETS is a part of the People's Bank of China



This is what ANZ commodities team are watching on China's housing market:

  • The measures by authorities to deepen financial reform are raising concerns of tighter credit conditions
  • For metals markets, this has the potential to impact demand from the housing market
  • However, we expect this to remain concentrated on first tier cities, with growth from other centres remaining strong
  • This should see steel demand remain healthy