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Onshore Yuan Prints Best Levels Since May 2018, Thursday's LPR Fixing Eyed

CNH

Spot USD/CNH has extended yesterday's losses, with broader greenback weakness clearly aiding the move. With the rate sitting -62 pips at CNH6.3450, bears look for a deeper sell-off past Dec 31 low of CNH6.3379, towards Dec 8 cycle low of CNH6.3305. On the flip side, a jump above Jan 6/Nov 26 highs of CNH6.3976/99 would bring bulls some reprieve.

  • Worth noting that spot USD/CNY printed its worst levels since May 2018. The rate last sits -68 pips at CNY6.3416.
  • The PBOC fixed the yuan reference rate at CNY6,3521m virtually in line with expectations.
  • China's NDRC warned that the economy faces pressure and challenges in 2022 but expressed confidence that it will stay on the path of stable, healthy development. They called for an early launch of infrastructure investment, while urging caution with policies that might have a contractionary impact.
  • The PBOC may trim the Loan Prime Rates on Thursday after slashing the interest rates applied to 1-year MLF & 7-day reverse repo ops at the start to the week. China's major securities newspapers have circulated comments from local analysts noting as much.
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