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CNH Modestly Outperforms On Firmer Equity Backdrop

CNH

MNI (Australia) USD/CNH tracked modestly lower post the Asia close on Friday, but couldn't get sub 7.2950 in any meaningful way. We closed at 7.2990, a CNH gain of 0.21%, and we track close to this level in earlier dealings today. USD/CNY also closed at this level. The CNY NEER was flat for Friday's session, last at 122.71.

  • CNH outperformed a further uptick in the BBDXY (+0.10%), with a firmer equity tone helping sentiment. The CSI 300 rose 1.81% in Friday trade, while the Golden Dragon index surged 2.87% in US trade on Friday, its first gain for last week.
  • Sentiment was aided late on Friday, when news wires reported that China may ease foreign investment limits in onshore companies (see this link). US and China also announced the establishment of two working groups to discuss economic and financial issues, in a sign of improving ties between the two countries (see this link).
  • Over the weekend President Xi Jinping called for more innovation in technology for the manufacturing sector and industrial transformation.
  • The early focus this week is likely to be on the extent to which equities rebound further. On the data front, August industrial profits print on Wednesday. The official September PMIs are out this Saturday.
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