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Forex Flash: CNH liberalization to facilitate integration with onshore CNY - ANZ

FXstreet.com (Barcelona) - Yesterday, the Hong Kong Monetary Authority announced that improved market liquidity and growing maturity of the offshore RMB (or CNH) market led them to decide the removal of the Net Open Position (NOP) limit (of 20%) and liquidity ratio requirement for the offshore RMB market, the ANZ explained in a note to clients earlier today.

According to Irene Cheung, FX Strategist at ANZ: "We think that the move will further facilitate the development of the CNH market and promote progressive integration with the onshore CNY market, via the RQFII (Renminbi Qualified Financial Institutional Investors) scheme. We expect the spread between the CNH and onshore yields to start narrowing once more quotas are allotted under the expanded RQFII scheme..."

Forex: EUR/USD – choppy trade continues, ECB meeting on tap next week

The EUR/USD finished the session down 3 pips at 1.3008. The pair had traded as high as 1.3093 early in the US session, before selling off back down near the 1.3000 level and finding firm support. Late in the US session, a headline of out Europe hit the wires which stated the Bundesbank ruled they would not allow sovereign bond purchase using the OMT. However, the headline had little effect, and the pair is well bid during Asia trading up 30 pips at 1.3036.
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