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Bank of Korea likely to keep key interest rate on hold at 0.50 pct in November

U.K. jobless rate rises to 4.8 pct in Q3 2020, labor market likely to deteriorate further in months ahead

Gold at multi-week peaks as dollar slumps after Biden clinches U.S. presidency

Swiss franc likely to gradually depreciate against euro in coming months

Danish headline inflation eases in October, likely to reach 0.8 pct in 2021

German Ifo business climate index falls sharply in November, economic growth likely to shrink in Q3

Gold prices ease as vaccine hopes offset worries about second coronavirus wave

Canadian employment likely declined in November, jobless rate to have risen to 9 pct

Gold steadies amid concerns over rising virus cases

Australian economic growth recovers strongly in Q3 2020

Chinese economic activity continues to rebound in October, GDP likely to grow 5.5 pct in Q4 2020

Taiwanese money supply continues to see strong growth, CBC likely to keep rates on hold in December

U.S. Q3 economic growth unrevised in second estimate

Bank Indonesia keeps key interest rate on hold at 3.75 pct

Swedish economic sentiment indicator rises in November

Malaysian economic growth rebounds in Q3 2020 on household consumption, exports

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PBoC’s intervention unlikely persists for long

Thursday, August 27, 2015 7:22 AM UTC

PBoC set USD-CNY fixing rate at 6.4085 this morning, compared with the previous closing rate of 6.4105. Notably, the trading volume of USD-CNY yesterday was USD49bn, the highest since the "one-off" devaluation. It was USD37bn on Tuesday. Comparably, the average daily trading volume in the first half of this year was approximately USD15bn.

The extremely large trading volume in onshore market suggests that the central bank intervened intensively to prevent sharp depreciation of CNY. Onshore liquidity conditions also tightened due to PBoC's intervention. To ease the liquidity tightness, the central bank conducted CNY140bn six-day short-term liquidity operation yesterday and CNY150bn reverse repo operation this morning. However, the sustainability of the intervention is under suspection as China's foreign reserves should have dropped rapidly, and see further weakening bias in CNY exchange rate, said Commerzbank in a research note on Thursday.

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PBoC’s intervention unlikely persists for long

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