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Offshore Yuan Edges Higher Despite Bad News From Tianjin

CNH

Spot USD/CNH slipped in early trade and probed the water below Friday's trough. The rate holds in negative territory, last -37 pips at CNH6.3793.

  • A slide through Jan 5 low of CNH6.3660 would allow bears to target CNH6.3379, which limited losses on Dec 31. Conversely, should bulls manage to reclaim Jan 6 high of CNH6.3976, bulls could target Nov 26 high of CNH6.3999.
  • The PBOC set their yuan reference rate at CNY6.3653 today, 14 pips above sell-side estimate. There was no reaction in the redback.
  • CCTV reported that Tianjin now requires residents leaving the city to show a negative Covid-19 test. This comes after it reported China's first confirmed community transmission of the Omicron variant and ordered a testing blitz for millions of its residents.
  • Chinese inflation data will hit the wires Wednesday, with the latest trade report coming up Friday.
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