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Dollar Edges Lower After Biden Withdraws From Presidential Race
0654 GMT - The dollar edges lower following U.S. President Joe Biden's decision Sunday to pull out of November's presidential race and endorse Vice President Kamala as the Democratic Party's nominee.
USD/CNH Extends Rally Above 7.2900 as PBoC Surprises Rate Cut
The USD/CNH pair trades in positive territory for the third consecutive day around 7.2935 during the Asian trading hours on Monday. The uptick of the pair is bolstered by a surprise rate cut by the People's Bank of China (PBoC). The release
Sentiment On The USD Fluctuates Amid Political Uncertainties
Recent developments in financial markets have significantly impacted the outlook for the USD.
President Biden Dropping Out Unlikely to Materially Shift Markets -- Market Talk
In the near term, President Biden's not seeking re-election and endorsing Vice President Kamala Harris is unlikely to shift markets materially, says Piers Bolger, CIO at Infinity Asset Management.
Central bank cuts interest rates! The midpoint of the Renminbi exchange rate is reported at 7.1335, down 20 basis points. Offshore Renminbi falls below 7.29.
On July 22nd, the RMB central parity rate was reported at 7.1335, down by 20 basis points from the previous trading day's central parity rate of 7.1315. The July LPR quote is out: both the 1-year and 5-year rates are down by 10 basis points. The loan market quoted interest rate (LPR) for July shows a 1-year LPR of 3.35%, down from 3.45% last month; and a 5-year LPR of 3.85%, down from 3.95% last month. PBoC: from today, the reverse repurchase operation rate of open market for 7 days is adjusted from 1.80% to 1.70%. In order to optimize the open market operation mechanism, the PBoC announced that from today, the reverse repurchase operation rate of open market for 7 days will be adjusted.
China's Central Bank Lowers Key Policy Rate Unexpectedly
China's central bank unexpectedly cut a key policy rate to support the country's ailing economy, just days after a flurry of data showed that a lopsided recovery might have lost some steam. The