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PBOC Drains Net CNY35 Bln Weds; Rates Unchanged

CHINA PBOC INJECTS CNY460 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1254 WEDS VS 7.1406

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CNH Outperforms USD Recovery, Real Estate Equities Rebound, Trade Data On Tap Today

CNH
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USD/CNH got close to 7.2700 late in Asia Pac trade on Monday, before recovering. Subsequent recoveries towards the 7.2850/60 region capped USD gains. We currently track near 7.2830. CNH gained a modest 0.09% for the session but this outperformed the broader USD recovery. USD/CNY finished up near 7.2700, while the NEER (J.P. Morgan index) gained 0.29% to 122.74.

  • For USD/CNH on the topside the 50-day EMA is near 7.3000. On the downside, outside of Monday lows, note the 100-day EMA comes in just under 7.2500.
  • Today on the data front we have Oct trade figures. The market looks for export growth at -3.5y/y (prior -6.2%), imports at -5.0% y/y (prior -6.3%), with a forecast trade surplus of $82bn (prior $77.83bn).
  • Note that China Vice Premier He Lifeng will meet with Janet Yellen in San Francisco (Nov 9-10), ahead of a likely meeting between China President Xi Jinping and US President Biden.
  • In the equity space, the Golden Dragon index was flat in US trade for Monday. To recap, the CSI 300 rose 1.35% in Monday trade to 3632.6. The real estate sub index rose 4.13%, with China Vanke stating it would repay its debts on time after getting regulator and shareholder support yesterday (see this BBG link for more details).
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USD/CNH got close to 7.2700 late in Asia Pac trade on Monday, before recovering. Subsequent recoveries towards the 7.2850/60 region capped USD gains. We currently track near 7.2830. CNH gained a modest 0.09% for the session but this outperformed the broader USD recovery. USD/CNY finished up near 7.2700, while the NEER (J.P. Morgan index) gained 0.29% to 122.74.

  • For USD/CNH on the topside the 50-day EMA is near 7.3000. On the downside, outside of Monday lows, note the 100-day EMA comes in just under 7.2500.
  • Today on the data front we have Oct trade figures. The market looks for export growth at -3.5y/y (prior -6.2%), imports at -5.0% y/y (prior -6.3%), with a forecast trade surplus of $82bn (prior $77.83bn).
  • Note that China Vice Premier He Lifeng will meet with Janet Yellen in San Francisco (Nov 9-10), ahead of a likely meeting between China President Xi Jinping and US President Biden.
  • In the equity space, the Golden Dragon index was flat in US trade for Monday. To recap, the CSI 300 rose 1.35% in Monday trade to 3632.6. The real estate sub index rose 4.13%, with China Vanke stating it would repay its debts on time after getting regulator and shareholder support yesterday (see this BBG link for more details).