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Offshore Yuan Holds Most of Monday's Gain

CNH

Offshore yuan has weakened slightly with USD/CNH creeping slightly higher, but has held most of Monday's decline. The pair last at 6.4793 up 22 pips, compared to Monday's low of 6.4750.

  • Markets digest comments from PBOC Governor Yang late on Monday, he said the Central Bank would increase credit support to the economy and SME's in particular. There were a few pieces doing the rounds from China dailies, including one from Minister of Commerce Wang that China could consider a smaller negative list to attract foreign capital.
  • China reported 35 new coronavirus cases, in the past 24 hours after reporting zero yesterday.
  • Elsewhere the SEC has given Chinese firms new disclosure requirements that must be met in order to go public in the US, these include listing implications for investors and the risk that Chinese authorities will interfere with company operations.
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