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Yuan Tumbles After In-Line PBOC Fix

CNH

Offshore yuan has crumbled after the PBOC set the mid-point of permitted USD/CNY trading band virtually in line with expectations, a return to normalcy after appreciation bias (~50 pip deviation) displayed in Friday's fixing.

  • Spot USD/CNH has punched through the CNH6.5500 mark and last trades at CNH6.5560, up ~300 pips on the day. A break above Apr 9, 2021 high of CNH6.5702 would bring Apr 1, 2021 high of CNH6.5876 into view. Bears look for a pullback under Jul 27, 2021 high of CNH6.5287.
  • Shanghai reported a record number of daily Covid-19 deaths over the weekend, while Beijing ordered a testing drive in the Chaoyang district.
  • Participants look ahead to China's industrial profits, due for release on Wednesday.
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