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PBoC interventions reduces CNH liquidity

Wednesday, September 30, 2015 7:10 AM UTC

The strong selling USD flows from Chinese banks in CNH market sent USD/CNH to as low as 6.3330 yesterday afternoon. USD/CNH is traded 180 pips lower than USD/CNY and CNY/CNH spread inverted for the second straight day.

"Market rumoured that China's central bank needs some buffer to prepare for possible short CNH activities during the upcoming golden week. However, the intensive intervention from PBoC in the offshore market has also tightened the CNH liquidity conditions", says Commerzbank.

CNH HIBOR overnight fixing rate was 8.729% yesterday, the highest since June 2013. As the CNH liquidity shows tightening bias amid PBoC's intervention, a few commercial banks have raised the deposit rate for CNH. The CNH clearing banks will likely offer money today to stabilise the market liquidity conditions.

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PBoC interventions reduces CNH liquidity

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