Archives of “April 13, 2021” day

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PBOC sets USD/ CNY reference rate for today at 6.5454 (vs. yesterday at 6.5578)

  
  Analysis

The People’s Bank of China sets the onshore yuan (CNY) middle-rate for the trading session ahead.

    • USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.
    • CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.

 

  • The previous close was 6.5475
  • Reuters estimate from their survey was 6.5460, Bloomberg 6.5466 …. (A rate that’s significantly stronger or weaker than expected is typically considered a signal from the PBOC)

Trade balance data for March is due from China today

  
Analysis, Economy

There is no firmly scheduled time for the data release, around 0200GMT is a good guess.

Some moderation in the size of the surplus is expected. Improving imports (expected) will be taken as a sign of firming domestic demand in China.

China trade balance:

 

  • expected CNY 327.8bn, prior was CNY 516.8bn

 

Exports y/y:

 

  • expected +28.6%, prior was +10.9%

 

Imports y/y:

 

  • expected +17.6%, prior was -0.2%

 

USD terms

China trade balance:

 

  • expected $52.0bn, prior was $78.2bn

 

Exports:

 

  • expected +38.0%, prior +18.1%

 

Imports:

 

  • expected +24.4%, prior was +6.5%

Yellen won’t name China currency manipulator – report

  
Analysis, Economy

Report on Yellen

The FX semi-annual assessment on FX is due on Thursday. The report says Yellen could scale back criteria for manipulator, which could help Switzerland get off the list.
In any case, the whole manipulation label is a joke. Trump promised to do it on Day 1 and never did and now it sounds like Yellen is pretty much done with the whole charade. You can see how little CHF cared about manipulation talk and they openly manipulated for years.

Copper looked like it was ready for a break higher but China has pulled it back

  
  Analysis

Copper prices lower for second day

Last Monday, copper made a big move to the upside and looked like it was breaking out of the recent consolidation but since then it’s quickly floundered and now it’s right back on the March closing lows.
Copper prices lower for second day
A big reason why is that China wants to put a lid on commodities inflation. China National Radio reported that the country will tighten controls on raw materials and that’s taken the air out if it.
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