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China's New Loans Soar, Yuan Holds Tight Range

CNH

Spot USD/CNH has held a tight range on Friday and last operates at CNH6.3643, little changed on the day. Bulls look to a break above Jan 31 high of CNH6.3864, followed by Jan 6/Nov 26 highs of CNH6.3976/99. Bears need a dip through Feb 4 low of CNH6.3489 before targeting Jan 26 low of CNH6.3238.

  • The PBOC set the USD/CNY reference rate at CNY6.3681, just 7 pips above sell-side estimate. Offshore yuan has been understandably unfazed.
  • China's loans data released Thursday revealed the impact of PBOC easing on lending activity at the start to the new year. Financial institutions extended CNY3.98tn of new loans in January, the highest level on record, while aggregate financing soared to a record.
  • The flash reading of China's Q4 BoP current account balance will be published at some point today (it usually comes out in the London morning).
  • Looking further afield, China's inflation data, due Wednesday, will take focus next week.
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