CNH Outperforms, CNY NEER Climbs Higher, Caixin Manufacturing PMI On Tap Today

USD/CNH spent the post Asia close on Monday within recent ranges. Moves up towards 7.1600 drew selling interest, but the pair couldn't re-test sub 7.1400 on the downside. We finished up at ~7.1470, down slightly from NY closing levels on Friday. USD/CNY closed Monday's session near 7.1430. The CNY NEER (J.P. Morgan Index) rose 0.22% to 121.37, with the index back close to late June levels.

• On the data front today we have the Caixin manufacturing PMI print for July on tap. The market consensus is for a 50.1 outcome, versus 50.5 prior (the range of estimates is 49.3. to 50.6). This follows yesterday's official manufacturing PMI print, which came in better than expected but was still below the 50.0 expansion/contraction point.
• On the policy front, the NDRC released a wide ranging policy document late yesterday focused on efforts to boost consumption. Some of these had already been announced and focus largely on the supply side, with some analysts calling for direct fiscal support to households.
• The China State Council also urged cities to roll out measures to support the healthy development of property markets, although there weren't any more details (see this link).
• US Commerce Secretary Gina Raimondo is reportedly planning to visit China in August.
• In the equity space, the Golden Dragon index rose a further 0.67% in US trade on Monday. This came after positive onshore gains during yesterday's session.