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USD/CNH At New April Highs

CHINA
  • Greenback strength through the US equity open very notable against the CNH, with USD/CNH rising through the April highs to print the best levels since March 28th. USD/CNH now higher by just over 0.75% since the March 31st lows and comes ahead of the extended holiday weekend for most Western markets.
  • Worth noting, however, Chinese markets will remain open for the duration - including Friday - where markets are eyeing the possibility of a further RRR cut from the PBoC as well as easing via the 1yr lending facility rate.
  • The PBoC last announced a 50bps RRR cut (to 11.50%) on December 6th, with the prior cut announced in July. - The speculation follows a release from the Chinese authorities on Wednesday, who stated “China will use monetary policy tools including a RRR cut at an appropriate time, and will step up financial support to the real economy"
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