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Chinese yuan bears return after regulatory crackdown on private sector: Reuters poll

By Anushka Trivedi (Reuters) - Investors turned bearish on the yuan for the first time since April as China's regulatory crackdown on private sector firms sent jitters through...
Chinese yuan bears return after regulatory crackdown on private sector: Reuters poll © Reuters. FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

By Anushka Trivedi

(Reuters) - Investors turned bearish on the yuan for the first time since April as China's regulatory crackdown on private sector firms sent jitters through markets, while sentiment towards the Indian rupee improved from a fortnight ago, a Reuters poll found.

Short positions were raised on all other Asian currencies like the Philippine peso, Malaysia's ringgit and the Thai baht as the region's dire COVID-19 situation and prospects of broad dollar strength eroded their appeal.

All 13 responses for the poll were received, however, before the U.S. Federal Reserve Chair Jerome Powell signalled on Wednesday that the U.S. central bank was in no rush to start tapering its stimulus as the economy was "some ways away" from showing substantial progress on jobs.

Previous polls have shown investors reducing their long bets on the yuan since June but investors became firmly bearish this week after Beijing increased scrutiny over education, technology and property sectors, sparking uncertainty over future investments in the country.

Over the week, the yuan slipped below the 6.50 per dollar mark, stocks shed more than 4%, while the Chinese 10-year government bond futures fell 0.4%.

The Indian rupee was the only outlier, as bearish bets on the currency were trimmed by more than half.

India's stock markets have been trading at record peaks since June, drawing record inflows of US$37 billion this year from foreign investors, as per National Stock Exchange data, setting the rupee up for its fourth straight weekly gain.

"The rupee is one of the better placed currencies in Asia given India's sharp decline in COVID-19 cases over recent weeks," said TD Securities analysts in a note.

Meanwhile, short bets on the low-yielding won were at their highest since May last year, as South Korea's COVID-19 woes kept investors at bay.

The country suffered its worst wave of infections in July, like other developing Asia counterparts; Indonesia, Malaysia, Philippines and Thailand.

All of them imposed some form of curbs to arrest the infection rate, which prompted International Monetary Fund on Tuesday to scale back growth forecasts for most economies in the region.

The Reuters survey is focused on what analysts believe are the current market positions in nine Asian emerging market currencies: the Chinese yuan, South Korean won, Singapore dollar, Indonesian rupiah, Taiwan dollar, Indian rupee, Philippine peso, Malaysian ringgit and the Thai baht.

The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

A score of plus 3 indicates the market is significantly long U.S. dollars. The figures included positions held through non-deliverable forwards (NDFs).

The survey findings ASIAPOSN are provided below (positions in U.S. dollar versus each currency):

DATE USD/CN USD/K USD/SG USD/I USD/TW USD/IN USD/M USD/PH USD/T

Y RW D DR D R YR P HB

29/07 0.27 0.78 0.71 0.27 0.36 0.29 1.4 1.21 1.49

15/07 -0.15 0.27 0.53 0.23 0.13 0.68 1.06 1.06 1.56

01/07 -0.29 -0.29 0.02 0.36 -0.19 0.5 0.49 -0.04 0.85

17/06 -0.63 -0.36 -0.49 -0.5 -0.58 -0.21 -0.05 -0.31 0.2

03/06 -1.34 -0.51 -0.55 -0.4 -0.44 -0.71 0.32 -0.66 0.37

20/05 -0.33 0.43 0.37 -0.06 0.33 -0.03 0.26 -0.22 0.81

06/05 -0.52 -0.39 -0.58 0.31 -0.59 0.86 -0.04 -0.35 0.5

22/04 -0.17 -0.23 -0.44 0.56 -0.38 0.75 -0.03 -0.37 0.58

08/04 0.72 0.48 0.3 0.59 0.77 0.2 0.46 0.36 0.91

25/03 0.3 0.65 0.46 0.45 0.5 0.05 0.54 0.11 0.54

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29-03-2024 03:19:41 (UTC+7)

EUR/USD

1.0788

-0.0038 (-0.35%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (1)

EUR/USD

1.0788

-0.0038 (-0.35%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

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Sell (1)

GBP/USD

1.2620

-0.0019 (-0.15%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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USD/JPY

151.38

+0.07 (+0.04%)

Summary

↑ Buy

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Buy (10)

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AUD/USD

0.6514

-0.0019 (-0.30%)

Summary

Sell

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USD/CAD

1.3549

-0.0018 (-0.13%)

Summary

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EUR/JPY

163.26

-0.49 (-0.30%)

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EUR/CHF

0.9729

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Gold Futures

2,240.95

+28.25 (+1.28%)

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Silver Futures

24.990

+0.238 (+0.96%)

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Copper Futures

4.0072

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83.00

+1.65 (+2.03%)

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86.85

+1.44 (+1.69%)

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Natural Gas Futures

1.752

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US Coffee C Futures

188.53

-2.12 (-1.11%)

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

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S&P 500

5,254.35

+5.86 (+0.11%)

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DAX

18,504.51

+27.42 (+0.15%)

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FTSE 100

7,952.62

+20.64 (+0.26%)

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Hang Seng

16,541.42

+148.58 (+0.91%)

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US Small Cap 2000

2,120.15

+5.80 (+0.27%)

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IBEX 35

11,074.60

-36.70 (-0.33%)

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BASF SE NA O.N.

52.930

-0.320 (-0.60%)

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Bayer AG NA

28.43

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

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Adidas AG

207.00

+2.30 (+1.12%)

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Deutsche Lufthansa AG

7.281

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Siemens AG Class N

176.96

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

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Sell (1)

 EUR/USD1.0788Buy
 GBP/USD1.2620↑ Sell
 USD/JPY151.38↑ Buy
 AUD/USD0.6514Sell
 USD/CAD1.3549Neutral
 EUR/JPY163.26↑ Sell
 EUR/CHF0.9729↑ Buy
 Gold2,240.95↑ Sell
 Silver24.990Buy
 Copper4.0072↑ Sell
 Crude Oil WTI83.00↑ Sell
 Brent Oil86.85↑ Sell
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,880/ 8,050
(0/ 0) # 1,398
SJC HCM7,900/ 8,100
(0/ 0) # 1,450
SJC Hanoi7,900/ 8,102
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SJC Danang7,900/ 8,102
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SJC Nhatrang7,900/ 8,102
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