PBoC leaves Loan Prime Rates unchanged as expected
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The People’s Bank of China (PBOC) left the 1-year loan Prime Rate at 3.65% vs 3.65% a month earlier and the 5-year rate at 4.30% vs 4.30% a month earlier, as expected.
The following illustrates a bearish bias looking at the daily timeframe.
The M-formation is a topping pattern and trendline support is eyed on the way to 0.6850. A break of this area opens the risk of a move to test below 0.6800
The PBoC Interest Rate Decision is announced by the People´s Bank of China. If the PBoC is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the CNY. Likewise, if the PBoC has a dovish view on the Chinese economy and keeps the ongoing interest rate, or cuts the interest rate it is negative, or bearish.
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