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Resistance Still Evident Ahead Of 6.8000

CNH

USD/CNH traded with a slightly more positive bias post the Asia close. After hitting fresh multi-month lows just under 6.7600 early yesterday, the pair climbed back towards 6.8000, but couldn't breach this level in NY trade. We currently track around 6.7870, with CNH close to unchanged for Tuesday's session. It was a similar story for the CNY NEER, last at 126.36 (J.P. Morgan Index).

  • Late yesterday, Dec credit figures printed. Aggregate finance was weaker than forecast at 1310bn yuan, 1850bn yuan expected. New loans were better than expected though (1400bn yuan, 1200bn forecast).
  • Longer term loans improved on prospects of better infrastructure/property demand, but Covid related headwinds were no doubt a factor at the end of last year from a broader credit demand standpoint.
  • Elsewhere, Bloomberg reported onshore USD demand emerged from importers, who are taking advantage of the recent round of CNY strength. Onshore USD/CNY ended yesterday at 6.7795, still comfortably below USD/CNH levels.
  • The data calendar is empty until tomorrow's inflation data for Dec prints.
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