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USD/CNH Operates Just Above 27-Month Low

CHINA YUAN

The PBoC seemed to try and rein in yuan appreciation again, but the redback has been unfazed. The currency shrugged off a softer than exp. fixing of the central USD/CNY mid-point and USD/CNH continued to fade its earlier uptick, linked to a broader risk-off reaction to the news that U.S. intelligence officials have detected attempts by Russia & Iran to disrupt the presidential election. USD/CNH last trades at CNH6.6479, just 38 pips above neutral levels.

  • BBG ran an hours-old headline from Global Times editor-in-chief Hu, who suggested that Beijing is ready to retaliate against U.S. measures against Chinese media outlets.
  • Late doors on Wednesday, PBoC Gov Yi reiterated that Chinese economy is expected to grow this year and the leverage ratio is expected to stabilise in 2021, after it increased "due to the fight against the pandemic".
  • Bears need a break below channel floor/yesterday's trough at CNH6.6318/6.6278 to sustain the downside momentum and bring the psychological CNH6.60 figure & the lower 3.0% Bollinger band at CNH6.5747 into play. Meanwhile, a rally above Oct 13 high of CNH6.7653 would be a sigh of relief for bulls.
  • Little of real note left on the Chinese economic docket this week.
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