We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Market News USD/CNH declines as the U.S. currency weakens in a big move

USD/CNH declines as the U.S. currency weakens in a big move

A USD/CNH breach below 6.8485 could signal a big currency reversal. In the immediate future, 6.8600 must hold a break of trendline support.

Alina Haynes
2022-08-23
416

截屏2022-08-23 上午10.28.09.png 

 

China's currency fell to its lowest level since July on Monday, as Beijing stepped up its easing efforts in response to an economic crisis and the revival of COVID-19, which has resulted in economic debilitating lockdowns. On Tuesday, however, the bears are challenging the bulls across all US dollar pairs, and CNH is making a comeback.

 

At the time of writing, USD/CNH is trading at 6.8650, unchanged from the previous session but declining from its highs. The price has decreased from an all-time high of 6.8743 to a current low of 6.8625. Meanwhile, opinions are spreading that additional cuts are forthcoming. Following a monthly meeting, the PBOC reduced the prime rate on one-year loans by 5 basis points to 3.65% from 3.7%, and reduced the rate on five-year loans by 15 basis points to 4.3% from 4.45%, so cutting the cost of existing loan payments. However, the news that policymakers have reduced lending rates was viewed as a slight gain given to the economy's deteriorating state.

 

"We also do not anticipate that any of these cuts will have any effect on the economy, with GDP growth continuing on course to fall below the official "about 5.5 percent" objective. To reverse the current pressures on the housing market, analysts at TD Securities stated, considerably more substantial policy intervention will be necessary.

 

The Securities Times of China announced today that China may lower RRR this year to compensate for MLF maturity. The paper claims that RRR reductions may reduce prime lending rates. Notably, this is a government-run organization reporting such ideas. Increasing policy divergence between the United States and China, together with concerns over weakening economic fundamentals, heightened the risks of capital outflows, which might continue to weigh on the yuan and provide support for the dollar in light of such statements from the state-run news agency.

Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free