FW: [Maybank] CNH: Uphold! Baby Steps to Reform

 

 

, GBL: CNH: Uphold! Baby Steps to Reform FX Flash by Saktiandi Supaat FX Research The USDCNH and USDCNY jumped yesterday afternoon on a Bloomberg news reported that China is removing the Counter-cyclical adjustment factor (CCAF) in its daily fixing of the yuan reference rate. Note that this adjustment factor was introduced last year in May 2017. The CCAF was meant to soften the impact of market volatilities on the USDCNY daily reference rate. However, the CCAF has undermined China's efforts towards making the Yuan a more market-driven and accessible currency ... Saktiandi Supaat    (65) 6320 1379    saktiandi@maybank.com.sg Christopher Wong    (65) 6320 1347    wongkl@maybank.com.sg Disclaimer This email and its attachment(s) are confidential and are intended solely for the use of the individual to whom it is addressed. Any views or opinions expressed are solely those of the author and do not necessarily represent those of Maybank Kim Eng or any of its affiliates. Intended recipients of this email are prohibited from disseminating, forwarding, printing and/or copying its contents. If you are not the intended recipient of this email, you are strictly prohibited to take any action based upon them, which also includes dissemination, forwarding, printing and copying of its contents. Maybank Kim Eng Research sent this e-mail to you because your Notification Preferences indicate that you want to receive information about our daily research reports. If you wish to read Disclaimer in details, please click HERE. To unsubscribe or change preference settings, please contact your representative HERE.