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CNH Rides Better Equity Sentiment

CNH

USD/CNH is back below 7.3000, buoyed by better China/HK equity market sentiment. The pair was last at 7.2950, -0.50% sub-NY closing levels. Onshore spot is also weaker, back to 7.2800.

  • HSI is up close to 4.3% at the time of writing, led by a +7.50% gain in tech shares. H shares are up 5.3%. China mainland shares are also higher, +1.75% for the CSI 300.
  • No obvious catalysts are driving the move, outside of re-opening speculation (although we haven't seen any fresh developments on this front. Overnight the Dragon index was up over 3%, which has likely helped. Also reports of a joint venture between Tencent and Unicom has boosted sentiment in the tech space.
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USD/CNH is back below 7.3000, buoyed by better China/HK equity market sentiment. The pair was last at 7.2950, -0.50% sub-NY closing levels. Onshore spot is also weaker, back to 7.2800.

  • HSI is up close to 4.3% at the time of writing, led by a +7.50% gain in tech shares. H shares are up 5.3%. China mainland shares are also higher, +1.75% for the CSI 300.
  • No obvious catalysts are driving the move, outside of re-opening speculation (although we haven't seen any fresh developments on this front. Overnight the Dragon index was up over 3%, which has likely helped. Also reports of a joint venture between Tencent and Unicom has boosted sentiment in the tech space.