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CPC Leaders To Unveil Economic Plans

CHINA YUAN

Spot USD/CNH has edged lower in early Asia-Pac trade after rallying for the third consecutive day on Wednesday. The rate trades -57 pips at CNH6.7228 as we type, with participants on the lookout for any fallout from the 19th plenary session of CPC Central Committee.

  • Leaders of the Communist Party of China have convened to debate economic blueprints for the next five and fifteen years and their meeting wraps up today. Alongside the five-year plan for 2021-25, officials will unveil a longer-term strategy covering the period through 2035. Eyes are on the language surrounding GDP growth target, amid expectations of a qualitative description rather than a numerical target, as well as details on China's "dual circulation" strategy.
  • A depreciation past Oct 21 low of CNH6.6278 would signal potential for a deeper sell-off, drawing attention to the 61.8% retracement of the Mar 27, 2018 - May 27, 2020 rally/Jul 10, 2018 low/round figure support at CNH6.6030/04/00. Conversely, a push through the 23.6% recovery of the 2020 range/Oct 13 high at CNH6.7620/53 would open up the 50-DMA, intersecting at CNH6.7805.
  • On the data front, China will release official PMI figures on Saturday.
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