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PBOC Boost Liquidity Injection, China's Covid Outbreak Worsens

CNH

Spot USD/CNH has edged higher, while keeping a relatively narrow range. The rate last sits at CNH6.3852, ~15 pips higher on the day.

  • China's worsening outbreak of the Delta Covid-19 variant has provided a source of worry, public health with officials warning that the situation may deteriorate over the coming days. Some regional authorities responded to their calls to adopt "emergency mode" and a number of localities announced various containment measures. Inner Mongolia's Ejin County has been locked down, while other areas including Beijing imposed curbs on mobility.
  • The PBOC set their central USD/CNY mid-point at CNY6.3924, just 8 pips above sell-side estimate. China's central bank also boosted their daily liquidity injection to net CNY190bn, citing tax and gov't bond issuance payments.
  • Participants look ahead to the release of China's industrial profits on Wednesday.
  • From a technical perspective, a break above Oct 21 high of CNH6.4000 would open up Oct 19 high/38.2% retracement of the Jul 27 - Oct 19 sell-off at CNH6.4290/98. Bears keep an eye on Oct 19 low/trendline support at CNH6.3687/73.
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