Free Trial

Offshore Yuan Resumes Gains

CNH

Spot USD/CNH has resumed losses today and last operates -75 pips at CNH6.3828. Bears look for a fall through yesterday's low/round figure of CNH6.3616/00, which would bring May 31 cycle low of CNH6.3525 into play. Bulls need a jump above Oct 29 high of CNH6.4104 to find some poise.

  • As a reminder, the pair plunged to a fresh multi-month trough on Tuesday, as Chinese Pres Xi & U.S. Pres Biden held their virtual summit, but clawed back those losses thereafter and finished in positive territory.
  • Vice Pres Wang said that China cannot develop in isolation from the world and pledged further efforts to open the country up to foreign investment.
  • Elsewhere, Cailian reported that Evergrande is planning to streamline internal structure by Nov 30, citing an internal memo.
  • The PBOC set their central USD/CNY mid-point at CNY6.3935, virtually in line with sell-side estimate, providing no market impetus.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.