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USD/CNH Back Above 7.2000, Weaker Onshore Equity Tone Evident

CNH

USD/CNH sits back to unchanged for the session, the pair last at 7.2035. Earlier lows were at 7.1963. CNH is underperforming softer USD trends elsewhere, with the BBDXY around 0.10% weaker at this stage.

  • Onshore equities are bucking the positive elsewhere, with the CSI 300 off around 0.10% at this stage, the Shanghai Composite off -0.50%. The HSI is off around 1.25% in Hong Kong. This has likely helped firm USD/CNH sentiment. USD/CNY is relatively steady at 7.1940.
  • The HSI Mainland Properties Index is off over 3.5% to fresh record lows, amid on-going bearish sentiment in the sector. Earlier headlines included the developer Hong Yang receiving a wind up petition in HK, while J.P. Morgan noted that it maintains a cautious stance on China's property sector and it expects sales to drop 10% this year (BBG).
  • Earlier we had the 1yr and 5yr LPRs held steady, in line with expectations. The data calendar is quiet until Saturday when Industrial Profits print.
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