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PBOC Weakens Yuan At Fix

CNH

The PBOC fixed USD/CNY at 6.5558, 171 pips higher than yesterday. US dollar has strengthened on broad safe haven demand, while recent comments on fiscal matters from US President Trump have resulted in speculation there could be a delay in passing the bill.

  • The yuan is coming under some pressure after an adviser to US President Elect Biden urged caution on the EU-China trade deal, saying he wanted "early consultation with our European partners on our common concerns about China's economic practices." The comments could slow down progress of a trade deal.
  • There were also reports that China could reduce the weighting of US dollar in its currency basket. The greenback currently accounts for just over 20% of the basket, but the US accounts for around 17.8% of trade with China.
  • The central bank injected a net CNY 100bln, bringing total additional liquidity this week to CNY 310bn ahead of year end.
  • USD/CNH last up 0.0050 at 6.5450, still within yesterday's range. Near term resistance is seen at 6.5482, yesterday's high. Support is at yesterday's low of 6.5302.
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