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CNH Sees Minor Uptick on China Housing Funding Headlines

CHINA
  • Bloomberg report that China are said to be mulling $137bln in fresh funding to boost the domestic housing market, with the low-cost financing said to target urban village renovations, affordable housing programs and the housing sector more broadly.
  • The piece writes that the PBoC are to inject the funding over a series of phases through the policy banking sector, with the funds trickling through to households as a result.
  • Lastly, the pieces writes that the policy step would mark a "major step-up" in the initiatives on housing, and potentially put a floor under the current property market-led downturn.
  • Modest uptick in CNH (~0.05 - 0.1%) on the back of that headline, with USD/CNH slipping to 7.2958 before stabilising. As mentioned just above, USD/CNH remains pinned toward the 7.30 level.
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