USD/CNH slides beneath 7.1900, snaps four-day uptrend even as PBoC keeps LPRs unchanged – by anilpanchal7 USDCNY PBOC China RiskAppetite Fed
PBoC holds one-year, five-year LPRs unchanged but eases boundaries for international investments.
It should be noted that the fresh fears of the US-China tussles, emanating from the comments of China diplomat and the US House of Representatives move concerning outbound investments and AI chips, seem to prod the USD/CNH bears amid a sluggish session. That said, US Building Permits for June marked a contraction of 3.7% versus the previous increase of 5.6% whereas the Housing Starts also slumped 8.0% for the said period from 15.7% revised prior. Though the previously released slower growth of the US Retail Sales for June contrasted with promising details to defend the Federal Reserve in keeping the rates higher for longer, as well as help in announcing a 0.25% rate hike in July.
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