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USD/CNH Ebbs Lower On Sino-U.S. Trade Matters

CHINA YUAN

USD/CNH had a look below yesterday's worst levels, as headlines pointing to a ministerial-level phone call between top U.S. & Chinese trade officials put a modest bid into the redback. The rate bottomed out at CNH6.9006 before trimming losses. It last trades -61 pips at CNH6.9061.

  • U.S. Trade Rep Lighthizer and U.S. Tsy Sec Mnuchin spoke with Chinese Vice Premier Liu to discuss the implementation of the Sino-U.S. phase-one trade deal and coordination of economic policies. Messaging (from both sides) surrounding the matter offered no real surprises.
  • Separately, Chinese Pres Xi told a symposium of experts that China should boost its ability to conduct innovation independently and stressed the need to emphasise domestic market in China's economic development.
  • Downside focus falls on Aug 21 low of CNH6.8936 and a break here would open up the lower 2.0% Bollinger band at CNH6.8864. On the flip side, a move through Aug 20 high of CNH6.9263 would turn focus to Aug 13 high of CNH6.9535.
  • Looking ahead, China's industrial profits will be released Thursday.
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