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Offshore Yuan Falters As PBOC Keeps LPRs Unchanged

CNH

Spot USD/CNH has crept higher at the start to the week, it last trades +80 pips at CNH6.3749. The key near-term bullish target is provided by the 200-DMA, which today intersects at CNH6.4110 and capped gains on Mar 15. Bears look for a fall through Mar 16 low of CNH6.3529.

  • The PBOC set the yuan reference rate at CNY6.3677, 8 pips short of the average sell-side estimate. This marks a return to more "normal" deviations from the expected level, after some fairly wide misses last week.
  • China's central bank also kept its Loan Prime Rates unchanged today despite growing calls for loosening policy. Most analysts expected the rates to stay unchanged, with a minority pointing to a chance for cuts.
  • China's ambassador to the U.S. told CBS's "Face the Nation" that China "will do everything to de-escalate the crisis" in Ukraine, noting that Beijing is not supplying "weapons and ammunitions to any party." The diplomat appeared on live TV in the wake of Friday's call between Presidents Xi and Biden, when the POTUS warned his Chinese counterpart of potential consequences of supporting Moscow.
  • Focus moves to final BoP current account balance for 4Q2021, with industrial profits coming up on Sunday.
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