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Offshore Yuan Hits 27-Month Highs

CHINA YUAN

Spot USD/CNH slid into negative territory only to claw back losses and last trades flat(ish) at CNH6.6799. The round trip allowed the pair to register fresh cycle low of CNH6.6673, as it had a brief look under key support from Mar 21, 2019 low and showed at its worst levels since Jul 2018.

  • The PBoC failed to offer much impetus today. Although the daily fixing of central USD/CNY mid-point was strongest in one and a half year, it virtually matched BBG estimate. Monthly fixings of 1-Year & 5-Year LPR were left unchanged, in line with expectations.
  • Elsewhere, the increase in China's new home prices slowed more than expected to +0.34% M/M from +0.56%.
  • A break under channel floor at CNH6.6488 would allow bears to set their sights on the lower 3.0% Bollinger band/psychological support at CNH6.6014/00. Conversely, a push through Oct 13 high of CNH6.7653 would bring channel top at CNH6.7909 into play.
  • Nothing much left on the Chinese economic docket this week.
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