USD/CNH Pulls Lower On Chinese COVID Headlines & Whispers

USD/CNH pulls lower in recent trade, falling by ~400 pips. While nothing meaningful is crossing the major wires there has been some focus on a tweet from an economist who previously worked at some of the major Chinese Banks.

• He has suggested that a Chinese “reopening committee is being formed and led by Wang Huning, Politburo Standing Committee Member.” The tweet suggested that the “committee is reviewing COVID data from the U.S. Hong Kong & Singapore to assess various reopening scenarios, target 03/2023 reopen.” We stress that this is UNCONFIRMED, but the tweet has got plenty of attention over the last couple of hours or so.
• Elsewhere, a recent tweet from the Global Times noted that “Zhengzhou in C.China's Henan said on Tue that the city will lift the #COVID19 temporary control for COVID-19 low-risk regions and gradually resume the normal life after over 10-day fight against the virus.”