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CNH Holding Steady, Outperforming Firmer USD Trend Against The Majors

CNH

USD/CNH is struggling to make much downside, although the yuan is outperforming broader USD trends at the margin. We were last near 7.3000, earlier lows were at 7.2953. USD/CNY sits at 7.2890, but is also up from earlier lows.

  • CNH implied yields remain elevated, the 1 month at 4.75%, albeit from session highs at 4.95%. The 1 week is above 5%. The PBoC will issue 15bn of yuan bills in HK later in September.
  • Equity sentiment is not positive, despite firmer property developer after reports embattled developer Country Garden won approval for extending bonds due in 2025.
  • Broader USD sentiment has ticked higher, aided by a slight tick higher in US yields. JPY and AUD are the weakest performers. The comes ahead of the US CPI print later.
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