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USD/CNH Pushes Back Above 7.2400 On Equity Weakness

CNH

USD/CNH is up from session lows, the pair last in the 7.2430/40 region. This puts us back to unchanged for the session. Earlier lows (at 7.2340) came not long after the stronger than expected CNY fixing. Equity losses have intensified in recent dealings, the CSI 300 off ~1%, with the real estate sub index unwinding some of Wed/Thur gains so far today. The HSI is also weaker, off -0.80%, with tech shares underperforming.

  • Weakness in developer Country Garden remains a focus point, while we have a reported meeting later between regulators and property developers.

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