China Macroeconomics & Academia

Christopher Balding

Macroeconomics

<p>Anticipating a rate hike, the PBOC had been steering the RMB weaker in recent weeks.  The CNH has consistently been trading weaker than the CNY forcing the PBOC to engage in regular interventions to keep them close enough to parity. </p><p>US non-farm payrolls numbers came in on Friday at a surprisingly low 38,000 gain and revised down the previous two months by almost 60,000. This caused the CNY and CNH to jump more than 300 pips with the CNH trading at a small premium near the end.  Though the market…</p>

Anticipating a rate hike, the PBOC had been steering the RMB weaker in recent weeks.  The CNH has consistently been trading weaker than the CNY forcing the PBOC to engage in regular interventions to keep them close enough to parity. US non-farm payrolls numbers came in on Friday at a surprisingly low 38,000 gain and revised down the previous two months by almost 60,000. This caused the CNY and CNH to jump more than 300 pips with the CNH trading at a small premium near the end.  Though the market…

Haitong Securities Co Ltd (A) (600837 CH)

Chongqing Rural Commercial Bank (3618 HK)

Shanghai Pudong Development Bank Co. (600000 CH)

China International Capital Corporation (3908 HK)

China Financial Services Holdings (2980 HK)

China Merchants Securities Co Ltd (A) (600999 CH)

China Pacific Insurance (Group) Co., (601601 CH)

Flying Financial Service Holdings (8030 HK)

China Huirong Financial Holdings (1290 HK)

Changjiang Securities Company (000783 CH)

China Merchants Securities Co Ltd (H) (6099 HK)

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

What Is the Path for the RMB Going Forward?