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Treading Water

CNH

The PBOC fixed USD/CNY at 6.5228, 13 pips below sell side estimates. Offshore yuan is hovering around neutral levels, USD/CNH up 6 pips at 6.5209 after climbing through the session on Tuesday, this is the highest the rate has been since March 10. Bulls look for a break of 6.5248, the March 9 high, which brings the 2021 high at 6.56 into focus.

  • The PBOC is unlikely to raise rates and tighten policies to manage imported inflation, despite some emerging economies including Turkey using rate hikes to stop their plunging currencies, the 21st Century Business Herald reported citing analysts.
  • Elsewhere, there are reports doing the rounds that China will speed up coronavirus vaccination to offer free shots for its entire population having already dished out around 80m doses.
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