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Gold's Record Highs Driven by China, What Happens Now? - Ross Norman
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post: PBOC SETS YUAN MID-POINT AT 7.1002 / DLR VS LAST CLOSE 7.2077PBOC sets USD/ CNY central rate at 7.1002 (vs. estimate at 7.2143) The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead. • USD/CNY is the onshore yuan. Its 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. • A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC. The previous close was 7.2077. - PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8%. • 440bn yuan of RRs mature today. • Thus net 4388bn drain on the day in OMOs. Draining of cash after the holiday period continues.
So strategically vital to Russia, Iran, and China is the Akkas gas field in Iraq that enormous pressure was brought to bear on politicians in Baghdad to ensure that all contracts ...
Dovish Fed Commentary Fuels Demand for Gold: Today’s trade fundamental highlights the bullish momentum in the gold market, driven by geopolitical tensions and dovish signals from ...