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USD/CNH Breaks Above 7.2000 Before Retracing

CNH

USD/CNH has touched fresh highs above 7.2000 (7.2007 high), for the first time since Nov last year. We sit slightly lower now, back in the 7.1940/50 region. Onshore spot is also pushing higher, last around 7.1950, but hasn't breached the 7.2000 level yet. These moves follow the slightly weaker than expected fixing result earlier.

  • Late Nov highs sit in the 7.2500/7.2600 region from last year for USD/CNH.
  • HK equities and onshore equities remain under pressure. The main domestic news of note being that the authorities will extend tax breaks on electric vehicles purchases to 2027.
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