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USD/CNH Down From Earlier Highs


USD/CNH sits comfortably off earlier highs. The pair last near 7.0550/60. We touched 7.0750 earlier, while dips to the 7.0500 region appear supported. USD/CNY has also moved away from earlier higher, the pair back to 7.0430/40 (earlier highs were above 7.0600).

  • There doesn't appear a direct catalyst for the turnaround, although HK equities are away from their respective lows. The HSI last tracking around 1% weaker. Onshore equities are also away from lows but remain in the red.
  • President Xi gave a speech earlier, aimed at boosting ties with central Asia countries from both an economic and defense perspective. This follows a 2 day summit in the city of Xi'an.

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