-
USD/CNH snaps two-day losing streak near 7.2900 despite PBoC’s defense of Yuan, Fed Powell’s speech eyed
USD/CNH seesaws around the intraday top near 7.2870 as it snaps a two-day losing streak early Friday. In doing so, the offshore Chinese Yuan (CNH) struggles to justify the People’s Bank of China’s (PBoC) efforts to defend the domestic currency via bond market moves amid the broad US Dollar strength ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium. Reuters cites two sources with direct knowledge of the matter while reporting the Chinese central bank’s push to the domestic banks to reduce their outward investments through the Bond Connect scheme. One of the sources said, "Restricting Yuan ... (full story)