ForexLive Asia-Pacific FX news wrap: More Chinese banks cut deposit rates - ForexLive

Later this week we’ll get the People’s Bank of China setting the rate on its Medium Term Lending Facility (MLF). The MLF will be set on Thursday, the 15th. The chance of a cut to the rate, expected of around 10 basis points for the one-year, is firming up with more Chinese banks cutting deposit rates today following cuts from the largest six state banks last week. The MLF sets the stage for Loan Prime Setting (LPR) on the following Tuesday (the 20^th).

Current rates are:

• MLF one-year interest rate 2.75%
• one-year LPR 3.65%
• the five-year LPR 4.3%

The yuan lost ground during the session, this is the offshore, USD/CNH:

Other news was over the weekend. Goldman Sachs cut their Brent forecast, again. The Saudis said OPEC+ is trying to address speculative uncertainty and sentiment in the oil market. More in the bullet points above on these.

The economic data point of focus was that for wholesale-level Japanese inflation, the PPI for May. This slipped further than expected.

The USD added on points during the session, Yen was the most notable, with USD/JPY rising from lows under 139.25 to above 139.60 as I post.

Asian equity markets:

• Japan’s Nikkei 225 +0.7%

• China’s Shanghai Composite -0.4%

• Hong Kong’s Hang Seng -0.6%

• South Korea’s KOSPI -0.5%

• Australia’s S&P/ASX 200 - Australia was out for a holiday today

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2023-06-12 02:58:29Z
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