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USD/CNH Back Above 6.8000, US-China Relations In Focus

CNH

USD/CNH pushed above 6.8000 late in NY trade on Friday after reaching 6.7400 prior to the US payrolls print. We are a touch higher in early trade today, nearer to 6.8150, driven by renewed yen weakness. The CNY NEER managed to finish slightly higher on Friday, +0.25% to 126.64 (J.P. Morgan Index). The China currency saw slight outperformance amid broad based USD gains.

  • The focus point early this week will the fall-out from the alleged spy balloon saga. The US military shot down the balloon over the weekend.
  • US Secretary of State Blinken cancelled a proposed trip to China late last week, while China downplayed the significance of this, stating the trip was never formally announced.
  • China has also stated it reserves the right to respond after the destruction of the balloon. Weekend developments are seen as a setback for relations between the two countries.
  • This comes as China equity market sentiment lost ground through the tail end of last week. The Golden Dragon index lost 3.90% during Friday trade, leaving the index down 5.18% for the week. The CSI 300 was down close to 1% last week. Northbound stock connect flows have also started to lose momentum.
  • The data calendar is quiet in the first part of the week. FX reserves are due tomorrow.
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