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Firms On Stimulus Headlines & FX Regulator Comments

CNH

USD/CNH has hit fresh lows of 7.1641 in earlier. We sit slightly higher at the time of writing, last 7.1680/90. Headlines have crossed the authorities have unveiled measures to boost electronic consumption (see this link). Measures are also being introduced to promote automobile purchases. China's State Planner indicating it will encourage regions with purchase restrictions to issue annual purchase targets as soon as possible.

  • These announcements appear to be aiding a better tone to HK (+1%) and onshore equities (the CSI last around +0.50%). We are slightly away from best levels though.
  • The FX regulator also stated that it will keep yuan basically stable in a forceful manner and that it will prevent sharp volatility in the local FX. The authorities will also use a comprehensive set of tools to stabilize expectations.
  • The regulator also stated that China bonds remain attractive (to offshore investors) and that it will continue to deepen FX market reforms.
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