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Offshore Yuan Slips, Slight Weak Bias Returns To PBOC Fix

CNH

Spot USD/CNH has edged higher after the PBOC set the yuan reference rate at CNY6.3558, 18 pips above average estimate. The gap between the actual fixing and expectations was not particularly wide, but market the reintroduction of (slight) weak bias after fairly sizeable misses observed last week.

  • Spot USD/CNH trades +23 pips at CNH6.3788, with key near-term resistance defined at CNH6.4105/08, which represent the 200-DMA/Mar 15 high. Bears would be pleased by a retreat under Mar 16 low of CNH6.3529.
  • China locked down the steel hub of Tangshan City in Hebei, while Shanghai authorities said hey were not planning to impose a snap city-wide lockdown for one week.
  • Participants look ahead to the release of final BoP current account balance (Friday) and February industrial profits (Sunday).
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