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USD/CNH Close To 6.9000, CNH/JPY Bounces Strongly

CNH

(MNI Australia) USD/CNH drifted a little higher post the Asia close, but didn't breach the 6.9000 handle. We sit around 6.8950 currently, 0.25% weaker in CNH terms post Wednesday's session. The NEER was slightly firmer though, edging back up 0.1% to 125.10 (J.P. Morgan index). CNH/JPY bounced strongly, back to 19.25, with moves sub 19.00 supported for this pair through March.

  • The local data calendar remains quiet ahead of March official PMI prints tomorrow.
  • Focus is likely to remain on US-China tensions as Taiwan President Tsai landed in NY on Wednesday as part of two-day stopover before heading to South America.
  • The authorities stated yesterday that if Tsai meets with US House Speaker McCarthy on the return leg of her trip (in Los Angeles) it would be a severe provocation. US officials have sort to play down China concerns, stating such trips have happened in the past.
  • Elsewhere, China Premier Li Qiang reportedly stated that China will be able to meets its development targets this year, as it seeks to boost consumption and investment. The Premier will make a keynote speech today at the Boao forum.
  • In the equity space, the China Dragon index rose a further 0.64% in Wednesday US trading. Yesterday saw +4.3bn yuan in Northbound stock connect flows, although onshore equities were relatively subdued.
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