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USD/CNH Firms, Weaker Equities Not Helping, PBoC Press Conference Later

CNH

China equity benchmarks are mixed though, with the CSI 300 off 0.50%, while the ChiNext dipped 1% at one stage. Unable, at this stage, to build on gains from yesterday, following headlines of a state equity rescue plan.

  • These moves have helped push USD/CNH back to 7.1760/70, a little over 0.10% weaker in CNH terms. This isn't too far off NY session highs in the pair from Tuesday trade. Broader USD sentiment is mixed, with AUD and NZD weaker.
  • HK equities are higher (+1.60% for the HSI), supported by tech shares, post share buys in Alibaba.
  • Headlines are crossing from the China State Asset Regulator around SOE performance in 2023. Nothing dramatic has emerged so far.
  • Note later we hear from the PBoC at 3pm Beijing time on the economy.
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