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CNY NEER Back To Early June Levels

CNH

Dips towards 7.2200 in USD/CNH were supported at the end of last week. The pair ended near 7.2300 and we have tracked higher in early trade today, last around the 7.2450 level (+0.20% for the session so far). CNH generally underperformed the softer USD tone through the Friday evening session (USD/CNH -0.33%, versus BBDXY -0.86%), although is clawing back some territory against the yen this morning.

  • The CNY NEER lost ground through every session last week, according to the J.P. Morgan index, losing 0.74%, which the largest weekly drop since mid-July. The level of the index is back to early June lows.
  • The focus today will be on the USD/CNY fixing. On Friday we printed at 7.1186. The onshore 4:30pm level was at 7.2494, but we did see a sharp pull back in the broader USD trend, so that will provide some offset.
  • Recall, a Bloomberg survey from late last week, which stated the yuan was likely to resume its downtrend following the Party Congress.
  • We also still await the various data releases, including Q3 GDP, which were delayed from last week.
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