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Weston Nakamura’s “Market Depth” is your direct access to the Asia Pacific region. Tune in every Monday, Wednesday & Friday to stay up to date on the macro forces driving markets from Asia to the U.S and everywhere in between.
China Pushes Yuan Aggressively Higher As Corporate Bonds Implode
Market Depth
32 minutes
2 years ago
China Pushes Yuan Aggressively Higher As Corporate Bonds Implode
With the strongest daily yuan fixing since November 2022, along with state banks sustaining dollar-selling, and the adjustment of a cross border financing rule to further discourage yuan sell pressure all in combination, the People’s Bank of China was able to forcefully rally the yuan significantly higher.
In addition, China's USD-denominated junk bond market sees its worst three-day plunge so far this year, as property developers Wanda Group, as well as two state-backed firms signal imminent default.
Weston Nakamura ties the efforts of the PBOC to uplift the yuan with the severe volatility in China's USD-bond markets, and points to China's alarming behavior that something of utmost concern seems underway.
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Market Depth
Weston Nakamura’s “Market Depth” is your direct access to the Asia Pacific region. Tune in every Monday, Wednesday & Friday to stay up to date on the macro forces driving markets from Asia to the U.S and everywhere in between.
