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USD/CNH Holding Near 7.3000, Caixin Services PMI Out Later

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Spot USD/CNH sits near 7.2990 in early Wednesday dealings. Dips in the pair were supported back to the low 7.2900 region post the Asia close on Tuesday, while moves to 7.3050 drew selling interest. Earlier fresh YTD highs at 7.3148 remained intact. Spot USD/CNY finished up at 7.2863, while the CFETS CNY basket tracked finished up at 99.96, off a little for the third straight session.

  • BBG notes that state banks were more active USD sellers when onshore USD/CNY spot approached 7.3000 yesterday (highs for the pair were 7.2972). The 4:30pm onshore spot close was 7.2791, which will be an input into today's fixing estimate. This was higher than Monday's 7.2706 close, but broader USD indices were close to unchanged for Tuesday trade. The USD/CNY remained sub 7.2000 yesterday.
  • China banned export of several materials to the US, used in tech manufacturing, in response to the US curb on tech exports to China earlier in the week (see this BBG link).
  • Next week (Wed-Thurs) will see the Central Economic Work Conference meeting kick off, with 2025 economic targets a likely discussion point. The market will also be hoping for any fresh stimulus details/plans.
  • Today on the data front we have the Caixin services PMI for Nov out. The market expects a 52.4 print, versus 52.0 prior. 
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Spot USD/CNH sits near 7.2990 in early Wednesday dealings. Dips in the pair were supported back to the low 7.2900 region post the Asia close on Tuesday, while moves to 7.3050 drew selling interest. Earlier fresh YTD highs at 7.3148 remained intact. Spot USD/CNY finished up at 7.2863, while the CFETS CNY basket tracked finished up at 99.96, off a little for the third straight session.

  • BBG notes that state banks were more active USD sellers when onshore USD/CNY spot approached 7.3000 yesterday (highs for the pair were 7.2972). The 4:30pm onshore spot close was 7.2791, which will be an input into today's fixing estimate. This was higher than Monday's 7.2706 close, but broader USD indices were close to unchanged for Tuesday trade. The USD/CNY remained sub 7.2000 yesterday.
  • China banned export of several materials to the US, used in tech manufacturing, in response to the US curb on tech exports to China earlier in the week (see this BBG link).
  • Next week (Wed-Thurs) will see the Central Economic Work Conference meeting kick off, with 2025 economic targets a likely discussion point. The market will also be hoping for any fresh stimulus details/plans.
  • Today on the data front we have the Caixin services PMI for Nov out. The market expects a 52.4 print, versus 52.0 prior.