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Chinese & U.S. Commerce Mins Get In Touch, PBOC Gov Yi Sees 2021 CPI Below 2%

CNH

Offshore yuan caught a light bid after news wires circulated the details of a phone conversation between China's Minister of Commerce Wang & U.S. Secretary of Commerce Raimondo, with BBG reporting that the two sides have agreed to push forward trade & investment ties. Spot USD/CNH dipped through yesterday's low, bottoming out at CNH6.3784. The rate last sits at CNH6.3808, ~70 pips worse off on the day.

  • PBOC Gov Yi has began his address at Lujiazui Forum in Shanghai, noting that China's potential economic growth will slow, while ageing society will help limit inflation. Yi added that consumer-price inflation is expected to average below 2% in 2021.
  • The PBOC set the central USD/CNY mid-point at CNY6.3972, 5 pips above sell-side estimate.
  • China's money supply & aggregate financing data may hit at some point from here, but there is no fixed time of the release.
  • Bearish focus falls on May 31 low of CNH6.3525, a recent cycle trough. Conversely, bulls need a clearance of Jun 4 high of CNH6.4104 before targeting CNH6.4410-36, which capped gains on May 18-24.
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