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China Related Assets Continue To Rise

CNH

(MNI Australia) USD/CNH currently tracks close to 6.7380, with the pair spending most of the post Asia close range bound, following yesterday's break sub 6.7500. Beyond yesterday's low near 6.7250, the Jan 16 low just under 6.7000 remains intact, while moves above 6.7900 have drawn selling interest in recent weeks. CNH was ~0.50% firmer for Thursday's session versus the USD.

  • China markets remain closed today for the LNY break, re-opening on Monday. Hong Kong markets returned yesterday and the HSI rose 2.37%, while on Thursday, during US trade, the China Dragon Index rose 3.63%.
  • Anecdotes point to strong travel related China activity during the LNY period, which has also spilled over into Hong Kong tourism related activity (see this link for more details). Declining Covid deaths and severe illnesses is also likely to be aiding sentiment.
  • China's data calendar remains quiet until next Tuesday when official January PMIs print.
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