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Redback Briefly Touches Strongest Since 2018

CNH

A lower greenback saw USD/CNH briefly fall too 6.4008, the lowest level since 2018, the pair recovered however and now trades up 22 pips at 6.4117.

  • There has been focus on the outlook for China's policy following gradually firming rhetoric against the rise in commodity prices recently. The prospect of tightening to reduce inflation, or allowing the yuan to strengthen to reduce imports, has seen USD/CNH fall from around 6.46 at the start of April to brush against 6.40. PBOC officials have said recently that the exchange rate will remain basically stable, a signal to the market that the bank could push back against yuan strength.
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