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USD/CNH Prints Fresh Highs, Before Retracing As Head Regulator Speaks In Shanghai

CNH

USD/CNH got to fresh highs near 7.1560 earlier, with dips towards 7.1400 supported. The pair sits slightly lower now, last close to 7.1450, slightly lower for the session. Onshore USD/CNY spot opened with a firmer bias, although hasn't been able to meaningfully breach Wednesday session highs (around 7.1415), the pair last close to 7.1340.

  • Onshore equities opened weaker, but losses were pared somewhat.
  • China's head of the National Financial Regulatory Administration, Li Yunze is speaking in Shanghai. A wide range of topics is being covered, but Li emphasized financial stability (noting the recent global banking turmoil didn't impact China but did offer lessons). Li also stated the real economy will have financial support and that China will continue to open up the financial sector and welcome foreign firms.
  • Finally, US officials stated late Wednesday (US time) that US/China re-engagement is still in the early stages and that competition is likely to remain the 'dominant frame' of the relationship (see this link for more details).
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