USDCNH
The USDCNH pair and the CHNComp contract reacted with rises in the face of the announcement of the Chinese authorities’ order to cut deposit interest rates to stimulate the economy. Yields on Chinese debt securities lost following the above announcement.
State-owned banks, including Bank of China Ltd, Industrial & Commercial Bank of China Ltd and Bank of Communications Co, were ordered to cut interest rates on a range of products, including by 5 basis points on demand deposits and by at least 10 basis points on three-year and five-year time deposits, anonymous sources said.