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ASIA FX: USD/CNH & USD/KRW Make Fresh Highs Before Reversing

ASIA FX
GlobalEM BulletBulletAPACEmerging Market NewsRegion

USD/CNH got to fresh highs of 7.2132 not long after the USD/CNY fixing, which was set only a touch below market expectations and hence offered only limited push back to yesterday's USD surge. Onshore USD/CNY spot opened, but onshore state owned banks were reported USD sellers, which helped curb the rise. 

  • From highs of 7.1870, onshore spot is now back to 7.1740. USD/CNH is back near 7.1890 close to 0.20% stronger in CNH terms. Equities are higher, the CSI 300 index up around 0.80% in latest dealings. Hopes of stimulus measures post the NPC meeting conclusion tomorrow are likely aiding sentiment. Property stocks are also up today. Trade data showed a bumper rise in exports, but uncertainty clouds the outlook given the Trump administration returning in 2025.
  • Spot USD/KRW made marginal new highs of 1404.45 but sits back at 1396 in latest dealings. The Finance Ministry said excessive volatility would be curbed. Onshore equities have risen slightly, reversing earlier losses. Trump and South Korean President Yoon spoke and plan to meet soon. Trump mentioned the US needs help from South Korean shipbuilders.
  • Spot USD/TWD is firmer for the session but at 32.24, sits off earlier highs near 32.32. Local equities are higher by around 1% at this stage. 
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USD/CNH got to fresh highs of 7.2132 not long after the USD/CNY fixing, which was set only a touch below market expectations and hence offered only limited push back to yesterday's USD surge. Onshore USD/CNY spot opened, but onshore state owned banks were reported USD sellers, which helped curb the rise. 

  • From highs of 7.1870, onshore spot is now back to 7.1740. USD/CNH is back near 7.1890 close to 0.20% stronger in CNH terms. Equities are higher, the CSI 300 index up around 0.80% in latest dealings. Hopes of stimulus measures post the NPC meeting conclusion tomorrow are likely aiding sentiment. Property stocks are also up today. Trade data showed a bumper rise in exports, but uncertainty clouds the outlook given the Trump administration returning in 2025.
  • Spot USD/KRW made marginal new highs of 1404.45 but sits back at 1396 in latest dealings. The Finance Ministry said excessive volatility would be curbed. Onshore equities have risen slightly, reversing earlier losses. Trump and South Korean President Yoon spoke and plan to meet soon. Trump mentioned the US needs help from South Korean shipbuilders.
  • Spot USD/TWD is firmer for the session but at 32.24, sits off earlier highs near 32.32. Local equities are higher by around 1% at this stage.