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Another Softer Than Expected PBOC Fix; Evergrande Avoids Default Again

CNH

Spot USD/CNH has been happy to hold a fairly narrow range and last trades at CNH6.3896, little changed on the day. Bulls keep an eye on CNH6.4045, which capped gains on Oct 28, and a break here would open up CNH6.4290. Conversely, a dip through Oct 19 low/trendline support at CNH6.3687/78 would give bears some fresh momentum.

  • The PBOC set their central USD/CNY mid-point at CNH6.3907, 15 pips above sell-side estimate.
  • Evergrande could breathe a sigh of relief again. News wires reported that some of its bondholders received an overdue coupon payment, just before the expiry of a grace period.
  • We won't be here for the release of China's official PMIs, which will hit the wires on Sunday. But Caixin M'fing PMI is due Monday, while the Services counterpart comes out Wednesday. Flash Q3 BoP current account balance will top things off on Friday.
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