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MNI: FRANCE FINAL NOV SRVCS PMI 46.9 (FLASH 45.7); OCT 49.2

MNI: ITALY NOV SRVCS PMI 49.2 (FCAST 50.8); OCT 52.4

MNI: SPAIN NOV SRVCS PMI 53.1 (FCAST 53.3); OCT 54.9

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USD/CNH Down Through 7.2000 on Tighter Funding, Equities Remain Weak

CNH

USD/CNH faltered through NY trade on Monday, the pair getting close to 7.1900 before sentiment stabilized. We track around 7.1940 in early Tuesday trade. CNH was marginally higher for Monday's session (+0.13%), which left it outperforming slightly higher BBDXY levels (+0.11%). USD/CNY spot finished up at 7.1909. The CNY NEER (J.P. Morgan index) was basically unchanged at 123.86.

  • Focused remained on tighter funding conditions in the CNH market. Rtrs headlines did the rounds late yesterday that state banks were curtailing lending to tighten offshore yuan liquidity.
  • CNH TN points got as highs as 4.95 yesterday (last around 3.75), which was a fresh high back to October of last year. The move was designed to limit yuan's downside even amidst a faltering local equity backdrop (per Rtrs).
  • The local data calendar remains empty today, with focus likely remaining on funding conditions and equity trends.
  • To recap, the CSI 300 finished down 1.56%, with the index threatening a fresh test of the 3200 level. In US trade on Monday the Golden Dragon index lost a further 2.2%, the 6th straight down session for the index.
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