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PBOC Throws Sand Into Gears Of Yuan Appreciation, Chinese PMIs Top Forecasts

ASIA FX

The PBOC signalled its discomfort with recent yuan appreciation via the daily fixing of yuan reference rate, while broader sentiment in the region improved on the back of stabilising Russia worry and better than expected PMI data released out of China.

  • CNH: Offshore yuan gave away its initial gains as the PBOC set its central USD/CNY mid-point at CNY6.3014, 59 pips above sell-side estimate. The bearish bias in today's fixing of USD/CNY reference rate was not particularly large by historical standards, but it showed that China's central bank intends to reign in yuan strength. Separately, China's PMI data (official & Caixin) showed that the local manufacturing sector has returned into expansion, beating analysts' expectations.
  • IDR: Spot USD/IDR went offered, even as Indonesia's CPI inflation slowed more than expected to +2.06% Y/Y, near the lower end of the central bank's target range (+3.0%-4.0% Y/Y). Indonesia's onshore markets re-opened after a public holiday.
  • MYR: The ringgit firmed on the back of renewed appetite for EM currencies. Malaysian Health Minister Khairy said testing requirements will be relaxed for some travellers from Thursday.
  • PHP: Spot USD/PHP faltered. The Philippines' manufacturing sector has moved off from a standstill in February, according to the latest Markit PMI Survey.
  • THB: The baht traded on a slightly firmer footing. PM Prayuth chaired a Cabinet meeting, with ministers expected to discuss economic measures to contain the fallout from the Russia crisis.
  • Markets in South Korea and India were shut in observance of local public holidays.
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