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CNH Underperforms USD Sell-Off, August PMIs On Tap Today

CNH

USD/CNH couldn't get above 7.3050 post the Asia close, but dips back sub 7.2900 were supported. We finished NY's Wednesday session at 7.3030, a 0.26% CNH loss, underperforming a softer USD against some of the majors (EUR and GBP, but not JPY). USD/CNY finished up at 7.2870, so noticeably lower. The CNY NEER (J.P. Morgan index) fell 0.29% to 121.47.

  • Corporate accounts were reportedly USD buyers as we approach month end, which may have weighed on yuan performance at the margins. 1 month USD/CNH implied yields also slipped from recent highs, back to 3.3%, down from +4.5% on Tuesday.
  • In the equity space, the Golden Dragon index eased modestly in Wednesday US trade, down 0.15%. This came after onshore equities finished close to flat in local trade yesterday.
  • Northbound stock connect outflows persisted though (-2.5bn yuan).
  • The local data calendar is in focus today, with the official China PMIs on tap for August. The market expects both the manufacturing and services prints to lose ground (manufacturing to 49.2 from 49.3, services to 51.2 from 51.5). See this link for more details.
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