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USD/CNH Off Highs, Potential Meeting Eyed, As US-China Tensions Continue

CNH

(MNI Australia) USD/CNH drifted lower post the Asia close, in line with a USD pull back (ex yen). We got close to 6.8200 late in NY trade and hold close to this level currently. Yesterday's highs were just above 6.8460, levels last seen close to the start of the year. The CNY edged down slightly, last near 126.00 (J.P. Morgan Index).

  • The on-going balloon saga continues to dominate the headlines, although it is possible that US Secretary of State Blinken will meet with China Foreign Minister Wang Yi later this week at a security conference.
  • China claimed a number of US balloons overflew China territory since 2022, something the US side has denied.
  • Elsewhere China equity sentiment improved, led by mainland gains yesterday, with the CSI 300 up by just over 0.90%. In US trading on Monday the Golden Dragon Index rose by 2.60%.
  • The local data calendar is empty today, while tomorrow delivers the 1yr MLF rate. No change is expected (currently at 2.75%), while 500bn yuan is expected in terms of volumes (779bn yuan prior).
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