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China Stock Turmoil 2015
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A Chinese investor peers at stock prices in Shanghai as weak manufacturing data knocked prices lower in the country's equity markets. Photo: Reuters

Live | China Markets Live - Chinese data whacks Shanghai, Shenzhen and Hong Kong to weak finish

China's official PMI manufacturing drops to lowest since 2012. Caixin/Markit final manufacturing reading even lower at 47.3, weakest since 2009

Welcome to the SCMP's live markets blog. The intense volatility of recent weeks has every chance of remaining the core underlying theme of activity. Investors are increasingly focused the broader question of how this episode might affect the wider economy as many suspect the equity bubble has yet to fully deflate. We'll bring you the key levels, trading statements, price action and other developments as they happen.

Here’s a summary of market action: 

  • China official PMI at 49.7, from 50 in July, lowest since 2012
  • Shanghai, ends day 1.23 per cent lower, but rebounds from earlier fall of 4 per cent
  • Shenzhen closes 4.6 per cent down
  • Hong Kong stock markets settle down 2.24 per cent or by 485.15 points
  • Wall street and global stocks drop on worries US Fed may up interest rates in September after all
  • Investors begin looking toward US jobs data due out on Friday

 

4:10pm: Hong Kong's Hang Seng Index closed at 21,185.43, down by 2.24 per cent, or 485.15 points. H-shares Index closed at 9454.11, down by 2.95 per cent, or 287.3 points. 

4:06pm: One-day chart of Shenzhen composite index (purple), ChiNext (blue), Shanghai Composite Index (orange) and CSI300 (green). Click chart to enlarge.

4:03pm: The Hong Kong Monetary Authority told the South China Morning Post that it had intervened the money market for the first time in four months by buying US$800 million worth of US dollars at a rate of HK$7.75, near the top end of the peg. 

A spokeswoman of the HKMA said the last time they intervened was in April when the Hong Kong dollar touch the strong end of HK$7.75 to the greenback.

3:10pm: Shenzhen Composite Index closed at 1,707.78, down 4.61 per cent or 82.53 points. ChiNext closed at 1,889.49, down 5.38 per cent, or 107.37 points.

3:09pm: Shanghai Composite Index closes today at 3,166.62, down 1.23 per cent, or 39.37 points. CSI300 Index closed at 3362.08, down 0.13 per cent, or 4.46 points.

3:02pm: Hang Seng Index weaker by 0.92 per cent or 200.17 points to 21,470.41.H-shares Index fall to 9,549.36, down by 1.97 per cent or 192.05 points. 

2:59pm: The benchmark Shanghai Composite Index bounced back in the last hour of trading, helped by state-owned banking and oil blue chips.

CCB soared 9.09 per cent to 5.64 yuan with volume topping 4.941 million while ICBC shot up 8.59 per cent to 4.50 yuan. Other state-owned banking counters climbed between 4.66 to 6.12 per cent. 

2:42pm: Among the top five most traded stocks at the Hong Kong stock exchange:

Internet giant Tencent took the lead as the most traded stock by trading at HK$129.2 at 2:36 pm, down 1.97 per cent with turnover topping HK$1,528.18 million.

China Mobile took the second spot to trade at HK$94.45, up 0.59 per cent with turnover at HK$2,495.29 million.

China Construction Bank ranked third to trade at HK$5.38, down 1.28 per cent with turnover at HK$1,199.88 million.

Insurer Ping An trades at HK$37.6, down 0.92 per cent with turnover at HK$1,014.90 million.

Bank of China trades at HK$3.49, down 1.41 per cent, with turnover at HK$943.78 million.

2:08pm: Hang Seng Index slips 0.69 per cent or 148.69 points, to 21,521.89. H-shares Index also slid to 9,604.37, down by 1.41 per cent or 137.04 points. 

2:06pm: Shanghai Composite Index off by 1.94 per cent or 62.31 points to 3,143.68. CSI300 Index was down 1.81 per cent or 60.84 points to 3,305.70. 

2:05pm: Shenzhen Composite Index trading at 1,713.79, down 4.27 per cent or 76.52 points. ChiNext declines to 1,900.97, a fall of 4.8 per cent, or 95.89 points. 

2:04pm: The Principal Financial Group, said its HK$2.6 billion acquisition of AXA's MPF and Occupational Retirement Schemes Ordinance (ORSO) business in Hong Kong has been completed today.

The Principal has also launched a 15-year exclusive distribution partnership with AXA allowing The Principal to offer MPF and ORSO schemes through AXA's distribution networks in Hong Kong.

"We would like to extend our warm welcome to all AXA MPF and ORSO members, as well as the professional financial consultants within AXA’s proprietary distribution networks. We are delighted with the launch of the strategic partnership between The Principal and AXA, and we look forward to seizing the exciting opportunities in the HK retirement market together," said Mr. Art Bacci, head of Principal International (Hong Kong).

The acquisition was first announced in November last year and the SCMP has a full report on this. To read the report pls click here. 

1:55pm: MetLife announces the appointment of Bharat Kannan to a newly created role as chief distribution officer for Asia. 

In this newly created role, Kannan will lead all intermediated distribution channels in Asia. The creation of the role marks a significant step to embed customer centricity throughout our selling activities across Asia, delivering a consistently high quality experience. 

“Our regional multi-channel distribution platform will advance its value for all our stakeholders as a result of this appointment”, said Chris Townsend, President, MetLife Asia.

1:32 pm: Golden Sachs’s global macro research team said: 

“Today's PMI data showed that August growth was likely weak. Short-term drags on activity--particularly the production and construction shutdowns around events in Beijing, which were in place in 7 provinces over the last 11 days of August--likely played a role in the weak activity data in August.

Indeed, the explanatory note released by the National Bureau of Statistics on this month’s PMI indicates a slowdown in production in Jing Jin Ji area (greater Beijing region) for environmental protection as one of the reasons behind the weak PMI, though the note also mentions other more persistent factors such as structural adjustment in traditional manufacturing sectors.

The drag from air quality-related shutdowns should be less significant in September. An additional caveat to keep in mind when interpreting the data is that PMI often lags activity growth slightly--we still await hard data such as IP to confirm the trend of activity growth. We continue to expect more supportive policy measures to be rolled out, such as RRR cuts and more liquidity support to policy banks for infrastructure investment.”

1:30pm: Banks, brokerages and petro majors rose in the mainland, amid signs that the “national team” set up by the governmetn is still backstopping China share prices. Dual listed state-owned China Construction Bank and the Industrial and Commercial Bank of China are the top two gainers in Shanghai with the former rising 6.38 per cent and the latter climbing 4.77 per cent. 

Oil major PetroChina lifted 2.42 per cent to 9.16 yuan while China Petroleum and Chemical jumped 2.42 per cent to 5.07 yuan, helping clawing back earlier losses by the benchmark Shanghai Composite Index at the beginning of afternoon trading.  

1:15pm: Hang Seng Index opens afternoon off by 0.64 per cent or 139.33 points to 21,531.25. H-shares Index also slid to 9,594.26, down by 1.51 per cent or 147.15 points. 

1:14pm: Shenzhen Composite Index tumbles to 1,728.70, down 3.44 per cent or 61.60 points. ChiNext slid to 1,927.79, down 3.46 per cent or 69.07 points. 

1:12pm: Shanghai Composite Index sags 1.44 per cent or 45.18 points to 3,160.91. CSI300 Index was down 1.63 per cent or 54.91 points to 3,311.63.

12:53pm: For midsession report on Chinese and Hong Kong stock markets, please click here.

12:08pm: Hong Kong markets close lower by midday Tuesday with local stocks replicating the mainland markets’ volatile V shaped trading pattern.  

The Hang Seng Index closed down 0.47 per cent, 101.44 points, at 21,569.14. The H-share Index closed 1.25 per cent lower, 121.35 points, at 9,620.06. 

12:07pm: Onshore yuan trades at 6.3691 to the dollar, stronger from the previous close at 6.3760. Offshore yuan trades at 6.4172 to the dollar, stronger from the previous close at 6.4455.  

12:01pm: The midday chart for the Chinese mainland market. Shanghai Composite Index (yellow), Shenzhen Composite Index (purple), CS1300 Index (green) and ChiNext (blue). The percentage at the end of the chart represents the difference from the opening, not from the previous close. Click chart to enlarge.

11:59am: Hong Kong dollar is trading today at 7.7501 against the US dollar, near upper end of the currency peg. Euro/dlr stronger 0.52 per cent at 1.1269. Dlr/yen at 120.78, weaker by 0.37 per cent. Pound/dlr stronger by 0.33 per cent to 1.5396. Australian dollar to US dollar stronger by 0.31 per cent to 0.7135. 

11:56am: China Investment Fund Company is among the worst losers this morning as it traded 13.43 per cent lower at 58 HK cents with HK$12.20 million turnover at 11:20 am. The investment company on Monday reported a loss of HK$6.90 million for the first six months this year, from HK$5.20 million loss a year earlier. 

Financial firm Convoy, which resumed trading today, also traded 12 per cent weaker to 44 HK cents with HK$118.65 million turnover. The company has suspended trading from Friday pending an announcement on Monday night for a general mandate placing shares agreement to raise HK$172 million.  

11:48am: The Shanghai Composite Index closed the morning session at 3,172.03 point, down 1.06 per cent, or 33.96 points. The CSI300 index of Shanghai-Shenzhen large cap stocks finished the morning at 3,324.83, down 1.24 per cent or 41.17 points. 

11:48am: The Shenzhen Composite closed the morning session at 1,739.34, down 2.85 per cent, or 50.97 points. The NASDAQ-style ChiNext Price Index slides 2.75 per cent, or 54.96 points to trades at 1,941.9. 

11:42am: The Hang Seng Index trades at 21,555.19, down 0.53 per cent or 115.39 points. The China Enterprises Index (H-share index), which track Hong Kong listed Chinese companies, trades at 9,619.02, down by 1.26 per cent or 122.39 points.  

11:27am: The final Caixin/Markit manufacturing purchasing manger’s index released Tuesday slipped to 47.3, the lowest reading since 2009, from 47.8 in July. 

He Fan, Chief Economist at Caixin Insight Group, said:

"The final Caixin China Manufacturing PMI for August continued to retreat, with sub-indices signaling continued weak demand in the markets for goods and factors of production. Recent volatilities in global financial markets could weigh down on the real economy, and a pessimistic outlook may become self-fulfilling," 

11:24am: Newtree Group is the top gainer in Hong Kong as of 11 am, with its shares price up 37.14 per cent to trade at HK$2.88 with a turnover at HK$15.04 million. This came after the  company said in a stock exchange filing on Monday night that it is currently in discussion for a possible disposal of 10 per cent equity interest and the shareholder’s loan in China Energy Trading Company.

11:15am: Among the top five most traded stocks at the stock exchange this morning:

Internet giant Tencent took the lead as the most traded stock in the Hong Kong market to trade at HK$130.4 at 11 am, down 1.06 per cent with turnover at HK$893.59 million.

China Mobile took second place by trading at HK$94.45, up 0.59 per cent with turnover at HK$748.77 million.

China Construction Bank ranked third to trade at HK$5.42, down 0.55 per cent with turnover at HK$692.56 million.

Insurer AIA trades at HK$42.95, up 0.23 per cent with turnover at HK$541.96 million.

Bank of China trades at HK$3.5, down 1.13 per cent, with turnover at HK$484.02 million. 

11:13am: All but two sectors on the two mainland bourses are bleeding red ink in morning trade, with aerospace and transportation manufacturers leading the way in racking up losses.

Units under central-government owned plane maker AVIC's umbrella all skidded between 1.68 to 2.43 per cent following a solid rally yesterday on prospects of state owned enterprise reforms.

The CRRC Corporation, China’s biggest rolling stock maker, tumbled 6.24 per cent to 12.47 yuan, with volume topping 3.84 million, weighing down the benchmark Shanghai Composite Index.  

10:52am: DBS Daily Report:

“Having taken a beating from the onshore yuan (CNY) led volatility in August, the US dollar is looking for support from US rate hike expectations in September. During the Fed’s symposium at Jackson Hole last weekend, the door was left open for a rate lift-off at the FOMC meeting on September 17, pending better US data and stable market conditions. Ergo the importance of this Friday’s US monthly jobs report. 

China has, meanwhile, kept the central parity for USD/CNY stable around 6.40 since August 13. The parity was lifted 4.7 per cent between 10 August and 13 August. This un­expected CNY devaluation was criticized as the source of last month’s market volatility.

For now, policymakers from the world’s largest economies have down­played this as a headwind. The same message is likely to be echoed at the G20 finance ministers meeting this weekend. The Chinese yuan is also expected to remain stable into China President Xi Jinping’s first state visit to the US, during which Xi will be making his debut speech at the 70th United Nations General Assembly that opens on September 15. 

Against this background, markets have become less complacent about the FOMC meeting on September 17. US 10-year bond bond yield closed above 2.20 per cent for the first time in three weeks.” 

10:51am: Zhang Liqun, an economist at the Development Research Centre, said in a statement accompanying the official PMI report:

“The 0.3 percentage drop in August PMI reflects the sustained downward pressures. The marginal tumble in the gauges on new orders and new export orders shows shrinking demand, while the fall in the measure on factory output indicates that the firms’ confidence has been eroded. The de-inventory process is still going on.” 

10:37am: Mainland and Hong Kong markets have both fallen further Tuesday.

The Shanghai Composite Index is now down 4.35 per cent, 139.31 points, at 3,066.68. The CSI 300 Index is 4.46 per cent weaker, 150.28 points, at 3,216.26. 

The Shenzhen Composite Index is 4.47 per cent down, 79.96 points, at 1,710.35. The ChiNext Index is off 4.54 per cent, 90.66 points, at 1,906.21. 

The Hang Seng Index is off 1.07 per cent, 232.55 points, at 21,438.03. The H-share Index is down 2.1 per cent, 204.4 points, at 9,537.01.

9:56am: Onshore yuan trades at 6.3715 to the dollar, stronger from the previous close at 6.3760. Offshore yuan trades at 6.4424 to the dollar, stronger from the previous close at 6.4455.  

9:41am: Jefferies chief global equity strategist Sean Darby:

“We did not believed the recent ‘depreciation’ of the yuan was related to weak exports but was due to the need account for capital outflows . Indeed, the interaction between FX reserve management and domestic liquidity operations is much more complicated and seems to be the prime reason why monetary policy has been so tight.

Furthermore, It should be pointed out that the recent rate cuts came after a jump in both 7 day repo rates and a modest pick-up in interbank rates. We examine below the policy conundrum and conclude that it is FX policy that is dictating monetary policy.

While the services sector will be unable by itself to offset the drop in the industrial sector’s GDP until after many years, the equity indices will already start to discount the change in November when MSCI China is rebalanced more towards TMT. A further sell-down in China shares ought to offer foreign investors a good opportunity to own the ‘new China’. 

Chinese currency 12 month forward markets are forecasting a decline in the yuan between 4 to 6 per cent. Although consensus has blamed the decline in the currency on weak exports, our analysis suggests a much deeper dilemma of how the People’s Bank of China (PBOC) manages its FX reserves as companies deleverage their FX liabilities.

The stronger US dollar has had the unintended consequences of forcing Chinese companies to reduce their external debt burden. Ironically, the recent yuan ‘free-float’ has exacerbated this trend towards owning dollars as the end of the one way RMB appreciation has undermined confidence in the Chinese currency. 

Money outflows require monetary relaxation otherwise interest rates will need to move up to attract capital back into the economy. China’s monetary base is currently shrinking even as the PBOC adds liquidity as a result of the ongoing drawdown in the forex reserves.

However, if the PBOC adds money into the system, the RMB will need to decline. Too fast a depreciation and confidence in the monetary system may be undermined as investors fear further currency falls."

9:39am: Hong Kong markets open lower Tuesday, with the Hang Seng Index down 0.51 per cent or 111.47 points, at 21,559.11. The H-share index traded 1.01 per cent down, 98.11 points, at 9,643.3.

9:36am: Chinese markets opened lower Tuesday with the Shanghai Composite Index trading 2.09 per cent weaker, 67.19 points, at 3,138.8. The CSI 300 Index was 2.6 per cent lower, 90.66 points, at 3,275.88.

9:36am: The Shenzhen Composite opened down 2.03 per cent, 36.41 points, at 1,753.9. The ChiNext Index was trading 2.09 per cent lower, 41.76 points, at 1,955.11.

9:28am: China Securities Regulatory Commission has been studying regulations over automated and high-frequency trading since late July in preparation for introducing new rules for the country’s securities and futures markets, financial magazine Caixin reported Monday citing sources. 

9:26am: China Construction Bank has granted as much as 148 billion yuan of credit to official margin lender China Securities Finance Corporation in the form of interbank borrowings, financial magazine Caixin reports Monday citing China Construction Bank vice governor Zhang Gengsheng.  

9:25am: PBOC on Monday pumped an additional 140 billion yuan into the financial system via shot-term lending operations (SLO), with an interest rate on six-day day lines of credit set at 2.35 per cent, a statement on the central bank website showed. It marks the second time in two weeks the central has attempted to boost liquidity through SLO tools.  

9:23am: SG Morning call:

“The story in the US will probably not be too different from the rest of the world, with the ISM Manufacturing Activity Index likely following the same sluggish path as the district Federal Reserve Banks surveys for the month of August. The employment diffusion index will receive considerable attention in anticipation of Friday's employment report.”

Click chart to enlarge.

9:17am: People’s Bank of China set the yuan's mid-price at 6.3752 to the dollar, stronger by 141 basis points from the mid-price the previous day at 6.3893. This marks the third day in a row the PBOC fixed the yuan at a stronger level. 

9:16am: China August official Purchasing Managers Index sank to contraction territory at 49.7, from 50 for July, the lowest level since 2012, in line of with economist consensus target of 49.7. 

9:15am: Rabobank Morning Call: 

“August ended with the S&P down 0.8 per cent on the day again, Eurostoxx 0.5 per cent, and Shanghai 0.8 per cent: that was unwelcome to many investors, but given the Fed were talking about hiking in September over the weekend, it was arguably still a bullet dodged.

Unfortunately, that may have been because at least one key central bank was firing blanks. Yesterday’s “PBOC to step back from stock purchases” headline was read by almost everyone except the PBOC, it seems, whose proxies once again stepped in to buy the market after it had hit an intra-day low of -2.9 per cent by the lunch-break. Is this a brilliant new strategy on the part of Chinese authorities to keep us on our toes?

Notably the PBOC also injected a further 140 billion yuan (US$21.9 billion) in short-term operations yesterday, suggesting tight liquidity, which in turn points to hefty capital outflows still being seen: that may not be weighing on steady-as-a-rock onshore yuan just yet, and even offshore yuan is seeing upward, not downward pressure, but I stand by my view that even a behemoth like China can’t keep seeing US$22 billion or so in FX leave every week before eventually having to act.

Today’s highlight is the official Chinese PMI. The market is looking for a print of 49.7, under the key 50 level for the first time since September 2012: or will there be a nice “surprise” in the data? If we do see a weak number, will the market take it as a negative, or a positive (on the assumption that more stimulus must be coming)?”

9:11am: The government in Beijing lowered the downpayment level to 20 per cent from 30 per cent for a vast majority of people looking to purchase their second homes, as it relaxed its housing investment regulations for the second time since mid-August 2015 in an attempt to shore up its flagging property market and slowing economy, according to a statement by the Ministry of Housing and Urban-Rural Development. 

9:05am: No Shanghai listed A-share company whose shares have been suspended from trading will resume trading today and no companies applied for voluntary suspension of trading in their shares. The number of suspended companies in Shanghai is 125 on Tuesday, representing 11.67 per cent of the total.

Eight Shenzhen listed A-share companies resume trading today while two companies joined trading suspension of their shares. The number of suspended companies in Shenzhen is 236 on Tuesday, representing 14.22 per cent of the total. 

8:52am: A sign of the challenges facing Hong Kong’s retail sector, both for retailers and for landlords; Emperor International is slashing rents on five prime shopping locations by as much as 30 per cent, the company said in a filing to the stock exchange.

This includes a shop in Causeway Bay’s Russell Street, once the world’s priciest retail rental district. It also includes a shop on Canton Road in Tsim Sha Tsui.

8:51am: The Hang Seng Index regular September futures were up 136 points or 0.63 per cent at 21,600 in pre-opening dealings on Tuesday. The H-Share Index regular September futures were down 83 points or 0.86 per cent at 9,599. 

8:49am: Its tough times for China Nickel Resources, which reported an 86 per cent drop in year-on-year first half revenues to HK$28.1 million with a loss of HK$207 million attributable to equity holders. The company is behind on its debt repayments to Hong Kong banks and is negotiating a coupon payment extension with bond holders. To help with negotiations China Nickel has appointed outside financial and legal advisers. 

8:41am: For roundup of action on Wall Street, please click here.

8:25am: ABN Amro: 

“Given the recovery in financial markets over recent days, it looks like the week that began with Black Monday has had a positive ending. However, it must also be noted that investors still seem to be nervous. For instance, even though equity volatility indexes have come down, they still remain above their long-term historical averages. 

Global trend growth has come down since the financial crisis. So even though we see a cyclical upturn, with economic growth likely to be above trend rates, the overall pace will be nothing to write home about.  

Our base case is that the Fed will hike interest rates next month. However, the risks of a delay have increased further since the market turmoil. Nevertheless, the US economic data continue to be consistent with a rate hike and uncertainty could even be reduced once the first step is out of the way and the world doesn’t end. 

At the same time, the risk of the ECB stepping up or extending its QE programmes have risen significantly. Is more QE really necessary? In our view not at this point.

China risks, the drop in commodity prices and somewhat higher euro do point in this direction. However, more importantly, core inflation has bottomed out and the eurozone economic recovery is continuing.” 

8:13am: Railway and infrastructure constructor China Railway Group will meet the press 11.30 am today to discuss its financial results. The company reported first-half net profit up 12.7 per cent to 4.6 billon yuan (HK$5.6 billion) from the year-ago level.

China Railway closed down 4.14 per cent at HK$6.95 yesterday. Its share has underperformed the Hang Seng Index (purple) the last three months. Click to enlarge chart.

8:11am: SmarTone Telecommunications will report its annual results for the fiscal year ended in June today after the market close. A webcast is scheduled at 5 pm during which management will provide further details on financial results and their business outlook.

Smartone (yellow) closed flat yesterday at HK$13.90. The stock has outperformed the Hang Seng Index (purple) the last three months. Click to enlarge chart.

8:10am: Shanghai-based Comtec Solar Systems Group, a solar panel components maker, swung to a deficit with 204 million yuan (HK$248 million) net losses for the first-half, battered by impairments of advance payments to suppliers and non-cash, share-based expenses.

Company executives will meet the press 10 am today to discuss the results and business outlook. Its share (yellow) closed at HK$0.71 yesterday, down 7.79 per cent. The stock has underperformed the Hang Seng Index (purple) the last three months. Click to enlarge chart.

8:06am: Standard & Poor's Ratings Services said:

“Ratings and outlook on Hong Kong-based securities firms CITIC Securities International Co. Ltd. (BBB+/Stable/A-2; cnA+/cnA-1), and Haitong International Securities Group Ltd. (BBB/Stable/A-2; cnA/cnA-2)  are unaffected despite a significant chance that a further sharp rise in property prices in Hong Kong could heighten economic risk faced by the
financial sector.
 
We believe that, contrary to our base-case assumptions, there is a one-in-three chance that property prices in Hong Kong will continue to rise strongly and heighten economic imbalances and overall economic risks.

In such a scenario, we expect no impact on the stand-alone credit profiles of CITIC Securities International and Haitong International or on the group credit profile of their parents, which have much larger balance sheets.
 
The incremental economic risk is within the tolerance of our current 'bbb' anchor for securities companies operating primarily in Hong Kong. In this scenario, we could increase the risk weights for these companies' credit exposures in Hong Kong. However, the potential additional pressure on their capitalization would not be large enough to change the result of our capital analysis.”

 8:00am: Aidan Yao, research & investment strategy of AXA Investment Managers, said:

“Speculators are on the hunt for the next currency peg to fall. A number of currencies – Hong Kong dollar (HKD), Saudi Arabia riyal (SAR) and UAE Dirham (AED) – have come under pressure, as speculators bet on their possible de-links from the US dollar.

We think the chance of an imminent HK dollar de-peg is very low. Hong Kong has a very strong FX reserve position, which amounts to US$340 billion or 120 per cent of GDP. Moreover, the level of reserves is almost twice of Hong Kong’s monetary base, which ensures that any changes in domestic monetary flows can be fully covered by US dollar reserves.

Overall, we think maintaining the status quo for the HK dollar remains the best option for HK. The shift towards the RMB peg will happen eventually, but only after the yuan becomes fully convertible and China’s capital account is completely liberalized. Politically, the timing of this shift will be heavily influenced by Beijing, which would prefer to see it during a tranquil period, not in a volatile market environment. “

Click on both charts to enlarge.

7:56am: Onshore spot yuan closed at 6.3760 on Monday, versus the Friday close of 6.3896. The offshore yuan traded at 6.4455 on Monday, versus the Friday finish at 6.4632. The mid-price fix Monday was at 6.3893, having been set by the People's Bank of China.

 

 

 

 

 

 

 

 

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