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USD/CNH has edged lower this morning, in tandem with a downtick in the DXY. The rate deals at CNH6.3922, 34 pips lower on the day, and downside technical focus falls on Nov 16 low of CNH6.3616. A break here would give bears a green light for targeting May 31 low of CNH6.3525. Conversely, a jump above Oct 29 high of CNH6.4104 would turn focus to the 50-DMA at CNH6.4185.

  • The yuan fixing came in at CNY6.3980 today, 12 pips above sell-side estimate. The yuan was unimpressed.
  • The city of Chengdu, capital of Sichuan province, rolled out measures to support local developers, inspiring speculation that other cities might follow suit.
  • Elsewhere, Premier Li urged local governments on Wednesday to promote construction activity and make better use of proceeds from special bonds to boost demand.
  • Looking ahead, China's National Bureau of Statistics will publish industrial profits data this Saturday.