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Some Resistance Ahead Of 7.00

CNH

(MNI Australia) USD/CNH continued to recover post the Asia close, tracking close to 7.00 in NY trading, before pushing back down to 6.9900 in to the close. We are currently slightly lower at 6.9830. Yesterday's gain in USD/CNH was broadly in line with USD trends, with the CNY NEER basically unchanged for Monday's session.

  • Late yesterday November aggregate credit figures printed, coming in weaker than expected (1990bn yuan for aggregate finance, 2100bn yuan expected), while new loans were also softer (1210bn yuan, versus 1400bn yuan forecast).
  • The next major data release is on Thursday, when the 1yr MLF decision is due (no change expected), along with November monthly activity data, which is likely to print poorly.
  • Elsewhere, the China dragon index lost 2.77% overnight. China/HK equities were weaker in yesterday trade.
  • Bloomberg reports of surging Covid case numbers domestically, which is putting pressure on China's health system, could be the other focus point. This is likely weighing on some of optimism around China's shift away from its CZS.
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