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USD/CNH Edges Lower as State Banks Ordered to Take Inventory

CNH
  • USD/CNH slips away from session highs as Reuters cite sources in reporting that state banks have been told to take stock ahead of CNY offshore intervention.
  • The piece writes that state banks were told to ask their offshore branches to review their holdings of both CNH and the USD, to make sure they are ready to be deployed.
  • The pieces further adds that the scale of this round of dollar selling will be "rather big".
  • USD/CNH drops from circa 7.20 on the headline, dipping to touch a European morning low of 7.1788 before stabilising.

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