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MNI China Daily Summary: Thursday, March 30

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Lags USD Sell-Off, Caixin Manufacturing PMI On Tap Today

CNH
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CNH lagged the USD sell off through the NY session. The pair held above 6.7500, little changed for the session, despite the ~-0.20% pullback in USD indices. We last sat around 6.7560, while the CNY NEER was flat (125.71, J.P. Morgan index).

  • Today we have the Caixin manufacturing PMI on tap. The market consensus is for a 49.8 print, versus 49.0 prior.
  • Citi's China surprise index continues to recover, after yesterday's services PMI beat, with the index now at 47.20, highs back to May last year.
  • Elsewhere the China Dragon index fell by 0.09%, the third straight fall, despite generally positive sentiment elsewhere. The Biden administration is reportedly considering cutting off Huawei from all US suppliers.
  • While Canadian pension fund Ontario Teachers is pausing direct investment in private China assets but will continue to invest in listed securities.
  • China Premier Li Keqiang called on the PBoC to keep the yuan basically stable and the economy operating in a reasonable range.
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CNH lagged the USD sell off through the NY session. The pair held above 6.7500, little changed for the session, despite the ~-0.20% pullback in USD indices. We last sat around 6.7560, while the CNY NEER was flat (125.71, J.P. Morgan index).

  • Today we have the Caixin manufacturing PMI on tap. The market consensus is for a 49.8 print, versus 49.0 prior.
  • Citi's China surprise index continues to recover, after yesterday's services PMI beat, with the index now at 47.20, highs back to May last year.
  • Elsewhere the China Dragon index fell by 0.09%, the third straight fall, despite generally positive sentiment elsewhere. The Biden administration is reportedly considering cutting off Huawei from all US suppliers.
  • While Canadian pension fund Ontario Teachers is pausing direct investment in private China assets but will continue to invest in listed securities.
  • China Premier Li Keqiang called on the PBoC to keep the yuan basically stable and the economy operating in a reasonable range.