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Marginally Firmer

CNH

Spot USD/CNH has slipped today, which is likely a function of a downtick in the DXY. The rate operates at CNH6.3705 as we type, 16 pips lower on the day.

  • Bears would be pleased by a sell-off past Dec 1/Nov 16 lows of CNH6.3631/16, which would clear the way to May 31 low of CNH6.3525. Conversely, a jump above Nov 26 high of CNH6.3999 would turn focus to Oct 29 high of CNH6.4104.
  • The PBOC set their USD/CNY mid-point at CNY6.3719 today, just 7 pips above sell-side estimate.
  • Per a Xinhua report, Premier Li has pledged to ramp up a crackdown on large companies and state agencies that "abused their advantageous market position" to delay payments to smaller firms.
  • China's Caixin Services & Composite PMIs will hit the wires tomorrow, after the m'fing gauge showed that the sector slipped into contraction.
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