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Redback Slips

CNH

The PBOC ceased setting central USD/CNY mid-point above sell-side estimates. Today's PBOC fix fell virtually in line with expectations.

  • USD/CNH trades at CNH6.4014 as we type, 39 pips higher on the day. Further gains past Oct 29 high of CNH6.4104 would expose Oct 19 high of CNH6.4290. On the flip side, a dip through Oct 25 low of CNH6.3748 would draw attention to Oct 19 low/trendline support at CNH6.3687/85.
  • Pres Xi Jinping told the audience at the China International Import Expo that Beijing is open to addressing some key points of tension with the U.S. and discussing subsidies to its industrial firms and state-owned companies. Elsewhere, Politico reported that Xi and Biden will likely agree to reopen consulates and ease visa restrictions.
  • China's quarterly BoP current account balance will be published at some point today, while monthly trade data will hit the wires on Sunday.
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