FXMarketAlerts Team
FXMarketAlerts
Published at 06:30 (GMT) 23 Apr
Earlier during the day, Hong Kong's Standard reported that Financial Services Development Council head Laura Cha Shih May-lung stated that the 20,000 yuan daily conversion cap should be lifted when the "Shanghai-Hong Kong Stock Connect" launches in six months. Under the 'through-train scheme,' the total quota for Hong Kong and overseas investors is 300 billion yuan (HK$374 billion) with a daily trading quota of 13 billion yuan to invest in Shanghai A shares. Meanwhile USD/CNH rose higher earlier during the day as China's preliminary HSBC manufacturing PMI for April came in at 48.3. Although the PMI number was in line with expectations and higher than 48.0 seen in the previous month, the below 50 mark was still perceived as weak and saw USD/CNH rise to near 18 month highs of 6.2472 from a low of 6.2357 earlier during the day. Some offers ahead 6.2555.
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