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Gives Back Some Of Friday's Gain

CNH

Offshore yuan slightly weaker, USD/CNH rising after closing near session lows on Friday – the pair last up 35 pips at 6.4659. The PBOC fixed USD.CNY at 6.4677, 19 pips above sell side estimates.

  • On the coronavirus front China reported 23 new cases in the past 24 hours, all of the cases were imported. Health officials reported zero new cases on Tuesday last week, a sign that domestically the spread of the virus is under control.
  • Elsewhere the PBOC injected a net CNY 40bn, the fourth day of injections at the end of August. The PBOC has reiterated that the injections are to ensure liquidity into month end and should not be seen as easing.
  • Markets look ahead to official PMI data due tomorrow, with the Caixin PMI survey later in the week.
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