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US and Chinese Leaders Agree To Engage On Issues Openly

CNH

After seeing sluggish trade through the session so far offshore yuan is stronger, USD/CNH making fresh lows and breaking out of yesterday's range. The pair last down 83 pips at 6.4431, off session lows of 6.4390. The move was catalysed by headlines from the White House that US President Biden had spoken with his Chinese counterpart Xi, Biden is reportedly seeking to engage with Xi directly after lower level talks between the US and China were unsuccessful. In initial conversations Xi and Biden are said to have agreed to engage on issues openly and noted competition between the two nations does not have to be a conflict.

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