CNY is now pressing the strong end of the daily fixing band. In an unwind of a carry trade, exporters may begin to repatriate large F/X holdings. 1 Yr Forward rates are projecting much stronger CNY
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Introduction
Repatriation Trends
Market Reactions
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Boomeranged on Mon, 18 Nov 2024 10:45
CNY getting more support from exporter repatriation in a trend that is likely to continue. Cross border inflows by corporates topped $80B for trade in goods for Oct., the highest on record. Repatriation began to pick up after the Fed cut rates in July. China's monthly net foreign exchange balance moved from CNY -50B in July to +48B in September. CNY is at the same level it was in 2019 pre COVID
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