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Onshore yuan 0.5% weaker vs USD

CNY
  • Yuan struggling after yesterday's outperformance with the USD in the driving seat on the move in Tsy yields and defensive posturing for equities.
  • A RTRS source report suggested that “China is becoming increasingly ambitious with its 2023 growth target, aiming potentially as high as 6%, in a bid to boost investor and consumer confidence and build on a promising post-pandemic recovery,” isn’t providing any notable support. For the record, our own policy piece noted that “China’s National People’s Congress is expected to unveil a growth target of over 5% powered by more fiscal spending and higher government debt, likely prompting the People’s Bank of China to commit to cooperating with the push to revive growth through ample liquidity supply and targeted tools,” after conversations with policy advisors and economists.
  • Northbound Stock Connect flows are essentially flat on the day, providing little net impetus.
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