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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.
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