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No Large Impact On CNH From US Tariff Announcement, 1yr MLF Seen Steady Today

CNH

USD/CNH saw a brief spike towards 7.2470 on the firmer US PPI print, but there was no follow through. We fell back towards 7.2350 before stabilizing around 7.2400 by the time of the NY close. Spot USD/CNY finished up at 7.2337, off earlier highs near 7.2380.

  • CNH saw some relief as the US PPI detail saw downside revisions and no ramifications for the PCE print. US yields finished off by around 4-5bps.
  • Elsewhere focus was on the US tariff announcement, which has been relatively well telegraphed in the past week. There was minimal impact on CNH, with the Biden administration announcing tariffs on $18bn worth of China imports. This covers EVs, batteries, which was expected, but also port cranes and medical products. More details will be released next week, see this link.
  • China's Ministry of Commerce also vowed that the country will safeguard its interests, although didn't specify any direct actions against the US (see this link).
  • Locally today we have the 1yr MLF outcome. No change is expected by the consensus, currently the rate is at 2.5%, while 100bn yuan in roll over is expected.
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