Morning Bid: Sliding yen rouses snoozing yuan [Yahoo! Finance]
NATL AUSTRALIA BK S/ADR (NABZY)
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Source: Yahoo! Finance
After months of flatlining, traders are beginning to suspect some kind of shift at the People's Bank of China as the yuan logs some of its sharpest dollar swings this year. Over a rocky few days, the currency has breached 7.2 per dollar, rebounded, and by Tuesday was again slipping toward the 7.2 level despite a signal of support from the central bank via a firm setting of the daily trading band. [CNY/] Analysts at National Australia Bank think it is more than coincidence that the dollar/yuan pair broke 7.2 in the same week Japan abandoned its negative interest rate policy only to see the yen fall. Against the yen, the yuan has made a three-decade high, which NAB analysts think may have motivated China's FX authorities to loosen their grip on the currency. "China sensitivity to the CNY/JPY exchange rate makes sense in the context of Beijing not wishing to gift Japan a competitive advantage in the many areas where China and Japan compete in global markets," said NAB analysts R
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