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U.K.’s flash PMI indices indicate decline in business activity in November, composite index falls to 47.4

Germany's unemployment exceeds expectations in September

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

U.S. vehicle sales fall again in November

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Malaysian headline inflation falls further in October, likely to remain negative in 2020

U.S. weekly jobless claims unexpectedly decrease

United States building permits

Swiss franc likely to gradually depreciate against euro in coming months

U.S. existing home sales rise above expectations in October

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U.S. House prices increase slightly in July

U.S. durable goods orders sustain robust growth

Philippine central bank keeps interest rate unchanged at 2 pct

Swedish economic sentiment indicator rises in November

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

U.S. existing home sales decline in August

USD/CNY swap points dropped sharply due to intervention

Tuesday, November 3, 2015 7:44 AM UTC

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China's onshore FX swap curve collapsed in the past few days as one-year USD/CNY 1-year swap points dropped sharply to 900 hurdle compared with 1100-1200pips in the past month. This reflects that Chinese state banks borrowed and sold USD in the spot market to safeguard the currency. 

The advantage of this type of operation is that central bank does not need to sell its foreign reserves immediately. Therefore, the borrowing cost of USD picked up, which has lowered the USD/CNY swap points. 

"In the meantime, USD/CNH 1-year swap points are about 500pips higher than onshore market, and USD/CNH 1-year outright forward is about 600 pips higher than onshore market. As onshore forward points are more attractive, more Chinese corporates could tend to buy USD/CNY forward to hedge their USD liability positions", says Commerzbank.

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