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Offshore Yuan Edges Higher, PBOC Could Soon Trim RRR

CNH

Spot USD/CNH has lost some altitude but yesterday's extremes have remained intact. The rate deals at CNH6.3754, down 25 pips on the day, with bears looking for a sell-off past Apr 6-8 lows located in the CNH6.3588-81 area. The next layer of support comes at CNH6.3452, which limited losses on Mar 31. Bulls need a jump above Apr 12 high of CNH6.3900 before taking aim at Mar 28 high of CNH6.3983.

  • Data released Wednesday showed that China's trade surplus unexpectedly grew to $47.38bn in March, smashing consensus forecast of $21.70bn. Imports were disrupted by the impact of lockdowns on port operations and business activity.
  • There is talk of a potential RRR cut coming up in fairly short order after the State Council said such a move should be made "at an appropriate time" to "step up financial support to the real economy." Historically, similar statements from the State Council had presaged PBOC action.
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