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USD/CNH Back Sub 6.9000

CNH

USD/CNH got to fresh lows for the session, getting close to the 6.8900 level. We are slightly higher now, back near 6.9000. The equity impulse is positive in the terms of HK shares and China related but we are away from best levels. Mainland stocks are also higher, but recording more modest gains.

  • As this is the last session before the NPC kicks off the market may not want to be found short ahead any potential growth target surprises. There has been some speculation we could see something firmer than the 5-5.5% expected (say closer to 6%).
  • Likely outgoing PBoC Governor Yi is also commenting at the moment. The comments are in line with previous statements - yuan to be kept stable. Monetary policy to remain prudent.
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