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China Equity Space Loses Steam, Dragging Offshore Yuan

CROSS ASSET

Chinese stocks are giving away earlier gains, with benchmark indices have now plunged into negative territory.

  • The CSI 300 last trades 0.37% lower (dragged by industrial and telecom names), with Shanghai Comp. down 0.66%. The tech-heavy ChiNext Index has shed 1.65%.
  • Hang Seng pulls back from its intraday peak at 22,018 amid a turnaround in the Hang Seng TECH Index, albeit both remain in the green.
  • The tech space earlier drew some support from China's latest round of new game approvals unveiled on Tuesday.
  • Weakness in Chinese equities has applied some pressure to U.S. e-minis, which have extended losses, led by NASDAQ 100 futures.
  • Offshore yuan reacted by falling to new intraday lows, but it remains comfortably within the confines of yesterday's range. Spot USD/CNH trades at CNH6.6754, up 37 pips on the day.
  • Aversion to Chinese stocks/offshore yuan has generated fresh demand for the greenback, supporting its position as the best G10 performer.
  • It is difficult to pin these moves on any particular headlines, comments from a PBOC official that hit the wires around that time lacked any obvious negatives.
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