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Free AccessUSD/CNH Edges Down From Recent Highs, Industrial Profits Data Out Today
USD/CNH pulled back from recent highs post the Asia close on Thursday. Like elsewhere though, the moves were fairly modest. Dips back to 7.3230 were supported, with the pair tracking near 7.3250 in early Friday dealing. USD/CNY finished up just under 7.3170, while the CNY NEER (J.P. Morgan Index) rose 0.26% to 123.95.
- The yuan saw marginal benefit from USD indices moving lower, accompanied by lower US yields, through Thursday's session.
- Still, spot USD/CNY wasn't too far off its upper bound yesterday (+2% above the USD/CNY fixing was ~7.3220), with highs coming in just under 7.3200.
- The USD/CNY fixing level has been very steady under 7.1800 despite recent USD strength. The other focus point today will be September industrial profits. The prior was +17.2% y/y for August. Recall this data drove some sell-side analysts to upgrade their China GDP projections.
- In the equity space, the Golden Dragon index rose 0.46% in US trade on Thursday. To recap, the CSI 300 finished onshore Thursday trade +0.28% higher. The index is back above 3500, against recent lows near 3450.
- China Foreign Minister Wang will meet with US President Biden on Friday, which could be a precursor to a meeting between Biden and China President Xi Jinping in November in the US.
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