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USD/CNH Extends Gains After Weaker Than Expected PBoC Fix

CHINA YUAN

Spot USD/CNH has pushed higher, erasing yesterday's losses. The PBoC fix came in at CNY6.8171, above the BBG est. of CNY6.8155, amplifying pressure on the redback, which had already struggled against the greenback in the lead-up to the fixing. USD/CNH last trades +129 pips at CNH6.8260.

  • On Monday, CPC Politburo set the date for a meeting of the larger Central Committee for Oct 26-29. Party leaders will discuss proposals for a development plan for years 2021-2025 and a longer-term blueprint.
  • A move through Sep 24 high of CNH6.8462 would give bulls a green light for targeting Sep 9 high of CNH6.8610. Conversely, bears need a dip through Sep 22 low of CNH6.7725 to open up Sep 16 cycle low of CNH6.7424 and reinstate broader bearish momentum.
  • Focus in China turns to the three official PMI readings & Caixin Manufacturing PMI, all due tomorrow.
  • As a reminder, China starts its week-long holidays on Thursday.
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