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PBOC announces resumption of bill issuance

FXstreet.com (Barcelona) - The Chinese Central Bank announced today that it would resume bill issuance for the first time in 17 months, in an attempt to control the capital flowing into the country from overseas as foreign investors take advantage of the quick appreciation of the yuan.

The PBOC will auction 10 billion yuan of three-month bills on Thursday. “The sale of bills to mop up excess liquidity has not been used for the better part of the year and a half,” Marc Chandler, Global Head of Currency Strategy at BBH reminds. “It may presage larger drains of longer-term funds.”

American equity markets contract Wednesday

The US stock edged lower Wednesday after the Dow Jones reached an all time high earlier in the week. In the absence of any major indicators or economic data out of the United States, investors have been tepid to say the least, abstaining from any sweeping movements thus far.
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Forex: USD/CHF falls to fresh lows

The US dollar weakened across the board at the beginning of the NY session, and fell to 2-day low versus the franc.
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