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Following Broader USD Sentiment

CNH

(MNI Australia) USD/CNH got close to 6.7400 in NY trade, as the pair continued to correct lower post the Asia close. We rebounded from here though, pushing back to 6.7700, amid broadly firmer USD sentiment, leaving CNH little changed for Wednesday's session. We currently sit at 6.7685. The CNY NEER edged up 0.13% to 125.58 (J.P. Morgan Index).

  • USD/CNH remains comfortably within recent ranges. Not a great deal came out of the Yellen Liu He meeting. China expressed concern around US policies on the trade and technological front according to China media, but plans are underway for Yellen to visit China later this year in a sign of improved relations.
  • Whilst covid waves in some of the major cities are past their peaks, there is concern for rural areas ahead next week's LNY break. The State Council is urging local authorities to step up efforts to protect vulnerable parts of the population during this period.
  • The China Dragon Index fell a further 2.51% during the Wednesday US session. Onshore equities were close to flat yesterday.
  • The data calendar is quiet, with 1yr and 5yr LPR decisions due tomorrow, although no change is expected.
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