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USD/CNH Pulls Off Highs

CNH

A pretty sharp pullback from highs of around CNH7.2600 in USD/CNH, with little in the way of overt headline drivers to flag. The rate last deals around CNH7.2125, and is still ~185 pips higher on the day. Chinese & HK equities have ticked away from lows, but are still comfortably below Friday’s settlement levels. We would suggest the move in both the currency and indices will get talk of policymaker intervention going, after the impact of another record round of new national daily COVID chases and the previously alluded to scenes of social unrest in some of the major Chinese cities propelled the cross higher in early Monday trade, as well as providing pressure for Chinese & HK equities.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

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