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Credit Growth Slows

CNH

Offshore yuan is slightly stronger on the session, though USD/CNH holding the majority of yesterday's gains. Led by the dollar following firmer than expected CPI USD/CNH rose from around 6.4250 at the Asia open yesterday to highs around 6.4600. The pair last down 32 pips at 6.4556.

  • Markets assess data from after-market yesterday that showed China's credit expansion slowed in April, a sign that the PBOC is steering credit growth lower. Aggregate financing fell to CNY 1.85tn from CNY 3.3tn in March and compared to estimates of CNY 2.29tn. In March the PBOC asked banks to reign in loan growth in a sign of tacit tightening.
  • Over in the US the Senate Commerce Committee put through legislation aimed at increasing federal support for US research and development with the aim of better competing with China. Senate Majority Leader Schumer aims to have the bill pass the senate by the end of the month. In other developments with the US, the government has reached an agreement with Xiaomi to remove Trump era restrictions on investment in the firm. The definition of giving with one hand and taking with the other the US sanctioned Chinese official Yu Hui for human rights violations. Meanwhile, there were reports in the WSJ that China is considering replacing Vice Premier Liu as its top economic envoy to the US, Vice Premier Hu is touted as his replacement.
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