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USD/CNH Above 7.0200, As Onshore USD/CNY Spot Makes Fresh Highs

CNH

USD/CNH dips to the 7.01 handle have been supported so far today. We last track around 7.0220/30, very close to Wed session highs. Onshore spot is making fresh highs, the pair last near 7.0070, which was above highs from yesterday's session. This is likely giving some impetus to USD/CNH as well.

  • Further upside momentum may bring early Dec 2022 highs around 7.07 into play. On the downside, support was evident near 7.00 in NY trade from Wednesday.
  • Onshore equities are doing better, with the CSI 300 up 0.40% at this stage, but onshore equities are lagging other NEA markets. Nomura is recommending buying 5yr China government bonds at 2.54% yield, targeting a move to 2.30% by mid-July, see this link.
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