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USD/CNH Moves Lower On Reported Intervention From Tuesday's Session

CNH

USD/CNH has made fresh intra-day lows post a Reuters headline that state banks sold dollars in both onshore and offshore markets late Tuesday (see this link). Note the MNI policy team noted the risks of intervention with an ex-SAFE official earlier this week, see this link for more details.

  • USD/CNH has edged back above 7.3100, slightly above earlier lows of 7.3058, which were around overnight lows. If we break 7.3000 the next target area could be 7.2800/50, highs from late last week.
  • USD/CNY is also off earlier session highs, back close to the 7.2900 level. The pair couldn't get above 7.3000 in early trade.
  • While intervention risks don’t change the fundamentals facing the China currency, it may leave the market more cautious around the risks of greater volatility, particularly on an intra-day basis.
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