The NDT increases when PBOC urged the bank not to run under the trend
The NDT rose on the second consecutive day after the central Bank of China was said to have urged banks to avoid "herd action" and to run the trend on the forex market.
The USD/CNY rate fell 0.17% to 6.8217 at 1:00AM ET (0500GMT). The NDT in the foreign market dropped 0.06%, the USD/CNH rate at 6.8249.
The NDT is one of the most discounted copper in Asia this year with a reduction of more than 6% over the dollar in the past 3 months in the context of increased trade tensions. The sign of the economy slowed also pushed the NDT down.
America said on Wednesday that they would impose a 25% tax on 16 billion Chinese goods in 2 weeks.
This was the second time the Trump administration imposed tax on goods since July 7. On 6 July, the U.S. imposed 25% tax on 34 billion in Chinese goods. In response, China also taxed up the equivalent American commodity value. The Chinese Ministry of Commerce said they had no choice and responded again to the U.S. "triggering the largest trade war in economic history".
Meanwhile, the USD index, the index that tracks the dollar against the basket of 6 major currencies, fell 0.2% to 94.87 on Wednesday.
Masafumi Yahamoto, head of the foreign exchange department at Mizuho Securities said: "If there are obvious signs that the U.S. economy grew due to taxation in January 1, I think the market would predict that raising interest rates would slow down or no longer have a profit increase Capacity of the FED this year ".
USD index increased by more than 6% since mid 4 months. The rising interest rate of the US is considered the dollar support information.
The AUD/USD rate rose 0.12% to 0.7430 while the NZD/USD rate was also increased by 0.21% to 0.6755.
The yen rose against the dollar on Wednesday at the rate of USD/JPY 111.29, which fell 0.08%.
The USD/CNY rate fell 0.17% to 6.8217 at 1:00AM ET (0500GMT). The NDT in the foreign market dropped 0.06%, the USD/CNH rate at 6.8249.
The NDT is one of the most discounted copper in Asia this year with a reduction of more than 6% over the dollar in the past 3 months in the context of increased trade tensions. The sign of the economy slowed also pushed the NDT down.
America said on Wednesday that they would impose a 25% tax on 16 billion Chinese goods in 2 weeks.
This was the second time the Trump administration imposed tax on goods since July 7. On 6 July, the U.S. imposed 25% tax on 34 billion in Chinese goods. In response, China also taxed up the equivalent American commodity value. The Chinese Ministry of Commerce said they had no choice and responded again to the U.S. "triggering the largest trade war in economic history".
Meanwhile, the USD index, the index that tracks the dollar against the basket of 6 major currencies, fell 0.2% to 94.87 on Wednesday.
Masafumi Yahamoto, head of the foreign exchange department at Mizuho Securities said: "If there are obvious signs that the U.S. economy grew due to taxation in January 1, I think the market would predict that raising interest rates would slow down or no longer have a profit increase Capacity of the FED this year ".
USD index increased by more than 6% since mid 4 months. The rising interest rate of the US is considered the dollar support information.
The AUD/USD rate rose 0.12% to 0.7430 while the NZD/USD rate was also increased by 0.21% to 0.6755.
The yen rose against the dollar on Wednesday at the rate of USD/JPY 111.29, which fell 0.08%.
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