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ASIA FX: North Asia FX Mostly Steady, China To Target 5% Growth Next Yr

ASIA FX
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In North East Asia, FX moves have been relatively muted. USD/CNH dips have been supported, but a test above 7.300, has note eventuated. We were last unchanged at 7.2920. Reuters reported that the GDP target for next year would be maintained at 5%, while the fiscal deficit would be at 4% of GDP, up from this year's initial target of 3%. These figures won't be officially confirmed until March next year. The fiscal deficit at 4% is what onshore analysts were expecting. 

  • Onshore yields have paused in China in terms of downside momentum. Equities have been volatile, with some potential national team support in play.
  • Spot USD/KRW has also been relatively steady, last in the 1437/38 region. Headlines around Yoon's impeachment and fallout from that continue but haven't impacted the won. Local equities are down over 1%.
  • USD/TWD spot is close to 32.50/55 so very much within recent ranges. 
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In North East Asia, FX moves have been relatively muted. USD/CNH dips have been supported, but a test above 7.300, has note eventuated. We were last unchanged at 7.2920. Reuters reported that the GDP target for next year would be maintained at 5%, while the fiscal deficit would be at 4% of GDP, up from this year's initial target of 3%. These figures won't be officially confirmed until March next year. The fiscal deficit at 4% is what onshore analysts were expecting. 

  • Onshore yields have paused in China in terms of downside momentum. Equities have been volatile, with some potential national team support in play.
  • Spot USD/KRW has also been relatively steady, last in the 1437/38 region. Headlines around Yoon's impeachment and fallout from that continue but haven't impacted the won. Local equities are down over 1%.
  • USD/TWD spot is close to 32.50/55 so very much within recent ranges.