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PBOC Rolls Over MLF Loans, China's Activity Data Take Focus

CNH

A slew of China's monthly economic activity indicators will hit the wires at the top of the hour. The data will be closely scrutinised, with participants trying to gauge the impact of the August flare-up in Covid-19 cases. Spot USD/CNH has been creeping higher as we await the release, the rate last sits +45 pips at CNH6.4390.

  • The PBOC set their central USD/CNY mid-point at CNY6.4492, 9 pips above sell-side estimate. USD/CNH extended gains after this marginally softer than forecast fixing.
  • China's central bank have also rolled over CNY600bn of MLF provisions, matching the amount maturing today. The MLF rate was left unchanged at 2.95%.
  • The FT reported that U.S. Pres Biden's offer of an in-person summit with his Chinese counterpart Xi "fell on deaf ears," which led White House officials "to conclude that Beijing is continuing to play hardball".
  • Bulls would like to see USD/CNH pierce resistance from Sep 7 high of CNH6.4648. Conversely, bears would be pleased by a fall through Sep 10/3 lows of CNH6.4261/44.
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