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USD/CNH Firms Back To 7.3000, Xi/Biden Meeting Expected On November 15

CNH

USD/CNH sits near 7.3000 in early Friday dealing. This is just below Thursday highs near 7.3025, with the pair mostly supported post yesterday's Asia close. CNH lost 0.15% for the session, in line with broader USD gains, while spot USD/CNY finished near 7.2850. The CNY NEER (J.P. Morgan index) was flat for the session, now at 123.

  • Like elsewhere, the CNH was weighed by on a firmer US yield pick up post Powell comments and a poor 30yr bond sale. US-CH yield differentials are turning back higher.
  • There wasn't a huge reaction yesterday to the headline CPI miss in terms of local government bond yields. The 2yr yield is around 2.37%, within recent ranges, the 10yr is a little lower at 2.645%, comfortably off recent highs around 2.74%.
  • Elsewhere, a meeting between President Xi and US President Biden is expected to take place on November 15 next week. US Treasury Secretary Yellen is expected to tell He Lifeng the US wants a healthy economic relationship with China (see this link). These talks are expected to lay the groundwork for next week's meeting between the two leaders.
  • In the equity space, the Golden Dragon index lost just over 2% in US trade. This comes after a flat Thursday session for onshore equities, the CSI 300 finishing near 3613.
  • The local data calendar is empty today, although we still wait for the Oct aggregate finance/new loans data.
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