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USD/CNH Back Above 7.2600, Yellen's China Trip Begins Today

CNH

USD/CNH continued to track higher post the Asia close on Wednesday. The pair got to highs around 7.2650/60 late in the NY session. We were closer to 7.2200 earlier in the Wednesday session. This was a CNH loss of 0.47%, the first dip since last Thursday. USD/CNY finished up above 7.2500, while the CNY NEER edged down to 120.73 (J.P. Morgan Index), a touch above recent lows.

  • CNH was weighed down by broader USD gains, amid higher US yields, and some carry over from yesterday's weaker than expected Caixin services PMI result.
  • The moves come despite more pressure on large commercial banks to trim their rates on USD deposit facilities, with local media also stressing the availability of tools to ensure FX stability late yesterday.
  • End June highs in USD/CNH came in close to 7.2860 in terms of upside targets.
  • The China Golden Dragon index lost 0.61% in US trade, which followed losses for onshore equities during the Wednesday session.
  • The local data calendar is quiet today, with focus likely to rest on US Treasury Secretary Yellen's trip to China, which kicks off today (running from July 6-9th).
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