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Holding Above 7.2000, Measures To Boost Consumption & FDI In Focus

CNH

USD/CNH is a little above lows (near 7.2040) from the NY session on Friday, last near 7.2060 in early Monday Asia Pac dealing. The pair remains within recent ranges, wedged between the simple 50 day (7.1850) and the 100-day (7.2144) MAs. Spot USD/CNY ended last week at 7.1963, while the CNY NEER, (J.P. Morgan index) was 124.59 on Friday, little changed for last week.

  • Like elsewhere, USD/CNH dips were supported amid generally hawkish Fed rhetoric last week (at least relative to recent market pricing).
  • Headlines crossed late on Friday around efforts to boost consumer spending, particularly on auto sales and consumer appliances (see this link). Early Feb data for car sales looks weak (-15.7%) but the timing of the LNY looks to be impacting versus last year.
  • The State Council is also vowing to boost foreign investment (see this BBG link). This follows generally softer FDI trends through 2023.
  • In the equity space, the Golden Dragon rose 0.66% in US trade on Friday. This followed a positive end to the week for the CSI 300 and Shanghai Composite indices.
  • On the data front, it is a quiet week until Friday when official Feb PMIs cross.
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