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USD/CNH Off Lows, But Well Below Pre-Fed Levels

CHINA
  • USD/CNH holds the bulk of the post-Fed losses through the European open, but has staged a ~0.3% recovery off the overnight lows. Local equities were mixed, with Shanghai Comp finishing flat, while the CSI300 shed 0.4% or so.
  • Today's CNY fix showed little pushback from the PBOC on the overnight strength in the currency, fixing at 6.7130 vs. Exp. 6.7147.
  • More medium-term focus remains on the ability of the government to achieve its growth targets, with policy advisers quoted by MNI citing COVID-inflicted economic scarring, weak balance sheets and lower productivity as the primary risks to the growth target of over 5%.
  • Financial liberalisation continues: the CSRC overnight issued a draft rule to ease regulations for IPOs in a bid to liberalise the stock market to broaden access to capital.
  • Elsewhere, President Xi called for enhanced efforts to boost demand in order to promote a broader domestic economic cycle, according to Xinhua. The report quoted the President as urging an acceleration of the pace of achieving self-reliance in science and technology.
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