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Inflation Accelerates, CPI/PPI Gap Widens

CNH

Spot USD/CNH holds steady after the release of local inflation data. The rate changes hands at CNH6.3923, up 26 pips as we type.

  • The inflationary jaws continued to widen in October. Consumer prices rose just marginally more than expected, whereas factory-gate inflation was considerably faster than forecast.
  • The NBS commented that a jump in PPI growth, which registered at +13.5% Y/Y, was driven by imported inflation as well as tighter energy and materials supply.
  • The data overshadowed the daily yuan fixing, which was marginally stronger than expected. The central USD/CNY mid-point was set at CNY6.3948, 4 pips below sell-side estimate.
  • Separately, Sino-U.S. tensions surrounding Taiwan continue to simmer, after a group of American lawmakers touched down on the self-ruled island for an official visit.
  • Xinhua reported that CPC Central Committee will hold a presser on its ongoing plenary meeting on Friday.
  • Elsewhere, BBG sources suggested that the planned virtual Xi/Biden summit might take place as soon as next week, albeit the exact date is yet to be determined.
  • Familiar technical levels are in play, with bulls looking to a clearance of Oct 29 high of CNH6.4104. Bears keep an eye on Oct 25 low of CNH6.3748 and a break here would open up trendline support/Oct 19 low at CNH6.3690/87.
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