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Eyeing 6.7000 Test

CNH

(MNI Australia) USD/CNH broke to fresh lows post the Asia close on Friday. We got close to 6.7050 before some support emerged. We sit near 6.7100 currently, slightly lower versus NY closing levels. The CNH mostly followed broader USD trends through Friday's session, although outperformed slightly, aided by further USD/JPY downside. The CNY nudged up a further 0.20% for Friday's session, last at 126.645 (J.P. Morgan Index).

  • Today's focus is on the 1yr MLF outcome, with the consensus looking for no change to the 2.75% rate, while the roll over amount is expected at 800bn yuan. Some forecasters are calling for a decline though, with a 10bps forecast cut. House prices for Dec are also due.
  • A PBoC official stated late last week that the central bank is examining tools to support the real estate market, but indicated the authorities won't embark on large scale monetary stimulus.
  • Tomorrow Dec monthly activity figures are due, along with Q4 GDP, which is expected to contract 1.1% q/q. Beijing officials set a growth target of 4.5% for the city this year.
  • Elsewhere the authorities announced close to 60k covid related deaths in the past month (to Jan 12), as offshore countries continue calls for more data around the current Covid situation.
  • The Golden Dragon index ended last week positively, up 2.8%, with the index back to July 2022 highs.
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