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CNH Steadies, Onshore Equities Recovered Sharply On Thursday

CNH

USD/CNH broadly spent Thursday's session in a rough 7.21/7.22 range. The pair is around 7.2160 in early Friday dealings, after moving slightly higher in CNH terms for Thursday's session. USD/CNY finished up unchanged at 7.1963, while the CNY NEER (J.P. Morgan index) eased slightly to 123.95 (-0.13%).

  • Bloomberg noted state banks were again selling dollars in the onshore spot market to offset USD demand elsewhere. Such flows may continue ahead of the 7.2000 level for USD/CNY.
  • CNH largely matched broader USD trends in Thursday trade, which consolidated amid a steadier US yield backdrop and higher global equities.
  • China related equities recovered firmly in afternoon trade on Thursday, the CSI 300 finishing up +1.43%, well above earlier intra-session lows. Speculation of state support, given ETF volume spikes was evident (see this link for more details).
  • In US trade on Thursday, the Golden Dragon index fell 0.23%, a more modest decline compared to Tues/Wed falls.
  • The local data calendar may have Dec FDI figures print today. Note next Monday the 1yr and 5yr LPR decisions are due. The consensus looks for no change in light of this week's steady MLF.
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