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Offshore Yuan Unfazed By Softer PMIs As Officials Pledge Support For Economy

CNH

Spot USD/CNH has edged lower despite the release of softer than forecast official PMI figures out of China. The rate last sits at CNH6.3576, down 22 pips on the day, with bears looking for a slide through Mar 16 low of CNH6.3529. Below there opens Mar 8 low of CNH6.3124. Bulls look for a rebound above Mar 28 high of CNH6.3983 before taking aim at the 200-DMA/Mar 15 high at CNH6.4077/6.4108.

  • China's top economic officials reiterated commitment to support growth amid headwinds from the spreading outbreak of Omicron. The State Council pledged to stabilise the economy and asked officials to draft contingency plans amid heightened uncertainties, while sticking to earlier economic targets set for this year. The PBOC also put in its two cents, vowing to bolster market confidence and extend more effective support to the economy.
  • China's official PMIs missed consensus forecasts, with non-manufacturing gauge unexpectedly slipping into contractionary territory.
  • Looking ahead, Caixin Manufacturing PMI will be published tomorrow, with Caixin Services PMI coming up next week.
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