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USD/CNH Drifts Higher, Wednesday Delivers Key Event Risks For The Yuan

CNH

USD/CNH tracks near 7.3050 in early Monday dealing. Highs from Friday were close 7.3075. This leaves us broadly within recent ranges, with last week's low coming in just under 7.2700, while recent highs from early November were just above 7.3400. USD/CNY spot finished up at 7.2855 on Friday. The CNY NEER (J.P. Morgan Index), rose at the end of last week, up 0.31% to 123.38.

  • Wednesday looms large for the yuan this week. We have the 1yr MLF decision, along with Oct activity figures out. This is also the day President Xi and US President Biden will meet in the US on the sidelines of the APEC summit.
  • Note we also still waiting for October aggregate finance/new loans data.
  • Property sector developments will be the other focus point, with PBoC Governor Pan stating at the end of last week that risks in the sector are manageable. The CSI 300 real estate index finished last week higher, but lost ground on Thurs/Fri.
  • Sentiment had been supported earlier in the week post a meeting between large property developer China Vanke (and other property developers) and key policy makers.
  • The Golden Dragon index did manage to rise 0.47% in Friday US trade, its first gain for the week.
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