‘Market talk’ – Signifies information that has not been formally tested through traditional journalistic channels and therefore is to be treated as unsubstantiated. Any interpretation of the talk is taken at the readers own risk and is a representation of the rumours within the market place and never generated by ourselves.
- Talk suggests that the People's Bank of China intervened in the market last Friday, using ICBC to buy in the spot market to support the USD against CNY strength but given the fix today at 6.2920 it would equate to a loss of more than 100 pips on the USD.
- Analysts note other reasons for the lower fixing as continued US pressure, continued selling by corporates and interest in lifting the local currency into year end.
- At present there is no move in ICBC shares which currently trade flat on the day at HKD 5.06.
Print 02:03, 12 Nov 2012 - Asian News - Source: RANsquawk
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