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Reaction details (03:14)
- At present there is no move in ICBC shares which currently trade flat on the day at HKD 5.06.
Analysis details (03:52)
- 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.
12 Nov 2012 - 03:03 - - Source: RANsquawk
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