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Resilient To Further Covid Headwinds

CNH

USD/CNH was offered through the early part of the London session yesterday, getting close to 7.1300. We were range bound for the rest of the post-Asia close period, running out of momentum above 7.1500 but not making fresh lows. We currently sit around 7.1390. The CNH benefited from broad based USD weakness, although CNY edged higher again in NEER terms, +0.12% for Tuesday, the third straight session of gains.

  • The Covid backdrop remains a headwind for China asset sentiment, but the fallout has been fairly limited so far. Case numbers are now back close to April highs, while Beijing and Shanghai announced further restrictions late yesterday, albeit not going into full lockdown conditions.
  • The health authorities also urged adhering to CZS amidst the severe domestic outbreak.
  • Elsewhere, the China Dragon index lost further ground overnight, down 1.43%, the third straight session of losses. Onshore equities ended slightly higher yesterday though.
  • The data calendar is quiet until industrial profits print, which are out on the 27th.
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