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Daily Insights 

September 2, 2015

China concerns keep markets subdued

  • Concerns about China – in particular possible new rules for currency forwards – are keeping the tone in risky assets subdued. The most salient move in FX today has been the rally in USD/CNH, which contrasts with a fall in the USD/CNY fix and spot. This is likely in response to news reports that the PBoC will ask financial institutions trading in foreign-exchange forwards for clients to hand in 20% of the past month’s sales as reserves (Bloomberg). Chinese equities fell, with the SZCOMP index making a new multi-month low. Other major Asian indices (eg, Japan and Hong Kong) as well as commodity prices are weaker today. Commodities prices are also weaker following a sharp rally in the last few days, notably in crude oil.
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