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Spot USD/CNH has gone offered today, with broad-based greenback sales helping propel the move. The rate last trades -155 pips at CNH6.4123, after printing a session low of CNH6.4116, the lowest point in four months.
- Bears look for further losses past Jun 16 low of CNH6.3903, which would give them a green light for targeting Jun 10 low of CNH6.3781. On the topside, focus falls on Oct 12 high of CNH6.4644.
- China's NBS released a supplemental report with breakdown figures from yesterday's Q3 GDP data. The property sector shrank 1.6% Y/Y, which was its first contraction since the onset of the pandemic and followed a 7.1% Y/Y expansion recorded in Q2. The construction industry also shrank for the first time since the pandemic began, with output falling 1.8% Y/Y in Q3.
- The PBOC set their central USD/CNY mid-point at CNY6.4307, just 1 pip shy of sell-side estimate.
- As a reminder, the PBOC will deliver their monthly LPR fixing tomorrow.