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Neutral bias going into Chinas golden week - BTMU

FXStreet (Guatemala) - FX Strategists at the Bank of Tokyo Mitsubishi UFJ explained It's been customary in recent years going into China's Golden Week for us to adopt a neutral bias, since markets will be off for more than a week.

Key Quotes

"But even going into the final few sessions this year the markets have felt a little offered."

"To be sure, the global USD love affair has led folks to try their luck here, too, but we're not too sure onshore Big Brother is all too gung ho about the prospect. In fact, it's possible PBOC may have sold some dollars in September to keep things orderly."

"The combined record trade surpluses recorded in July-August is already nearly 2/3 of what we originally expected for the second half. If the surpluses sustain even at somewhat lower levels, there will remain plenty of dollars to sell onshore. Concern over the Chinese economy remains, but with two of the three monthly manufacturing PMIs showing improvement we think the official CFLP one could surprise positively

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