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LPRs Seen Steady, Beijing Tightens Restrictions Amid Rising Covid Cases

CNH

USD/CNH currently sits close to levels from the end of last week, with the pair around 7.1225 currently. Dips through Friday's NY session sub 7.1200 were supported, although CNH outperformed a generally more positive USD backdrop. The CNY NEER (J.P. Morgan index) rose 0.16% for Friday's session.

  • Today we have the 1yr and 5yr loan prime rate outcomes, although no change is expected (1yr last at 3.65%, 5yr at 4.30%).
  • Elsewhere, the weekend Covid news was not positive, with the country reporting its first Covid death since May, while Beijing continued to report rising case numbers (516 for Sunday). Shopping, restaurant, and school activities are restricted in several districts of the capital.
  • Metro rail activity is down sharply in Beijing as well as other major cities.
  • The other focus point is likely to money market volatility, although after the PBoC added liquidity for a second consecutive session on Friday, some stability has returned. The 10yr bond yield was more rangebound through the tail end of last week, oscillating around the 2.80% level.
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