The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
HONG KONG, Sept 6 (Reuters) - The yuan was flat on Friday but was set to show its first weekly gain in three weeks after news that U.S. and Chinese trade negotiators will meet Washington in October to find a way to de-escalate their countries' tariff war. On Friday, spot yuan traded at 7.1475 per dollar at midday, almost unchanged from the previous late session close and leaving it with a 0.1% advance for the week if it holds that level till the close. The currency had its worst month in 25 years in August as China and the United States ramped up the trade war, and the People's Bank of China has used the daily fixing to brake the yuan's decline . The PBOC set the yuan's daily midpoint - the spot rate can trade 2% either side - at 7.0855 per dollar, stronger than the Reuters' estimate of 7.1003. "This reflects the central bank's attitude at this stage to keep the yuan relatively stable," said a currency trader in Shanghai. "Moving forward, (the exchange rate) will depend on supply and demand and how the trade talks go." With the Chinese National Day on October 1, Beijing was unlikely to escalate the trade war further and should keep the yuan stable, said another trader at a Chinese bank in Shanghai. The offshore yuan was trading 0.05 percent firmer than the onshore spot at 7.1436 per dollar. The Thomson Reuters/HKEX Global CNH index, which tracks the offshore yuan against a basket of currencies on a daily basis, stood at 91.01, unchanged from Thursday. The dollar was bolstered on Friday by encouraging U.S. economic data, which could also be supportive for the yuan as it reduced some of gloom over the global economy, but analysts said it could also push back expectations for U.S. interest rate cuts and give U.S. negotiators confidence to drive a harder bargain in the trade talks. "A relatively stronger U.S. economy is viewed as counterproductive for trade talks because it encourages U.S. President Trump to play hardball and push back Fed cut expectations," DBS bank analysts said in a note.
The yuan market at 4:00AM GMT:
Item Current Previous ChangePBOC midpoint 7.0855 7.0852 0.00%Spot yuan 7.1475 7.1499 0.03%Divergence from 0.88%
Spot change YTD -3.84%Spot change since 2005 15.80%
Item Current Previous ChangeThomson 91.01 91.01 0.0
Reuters/HKEX CNH index
Dollar index 98.416 98.414 0.0
*Divergence of the dollar/yuan exchange rate. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2 percent from official midpoint rate it sets each morning.
OFFSHORE CNH MARKET
Instrument Current Difference
Offshore spot yuan 7.1436 0.05%*Offshore 7.2018 -1.61%
*Premium for offshore spot over onshore
**Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint. .
(Reporting by Noah Sin; Additional reporting by Jindong Zhang in Shanghai; Editing by Simon Cameron-Moore)