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Free AccessUSD/CNH rallied towards the CNH7.1300....>
CHINA YUAN: USD/CNH rallied towards the CNH7.1300 mark yesterday, but faded the
move through the rest of the day. The rate was bought as heightened Sino-U.S.
tensions came back to the fore, with U.S. President Trump providing some
intensified sabre-rattling at Fox News. The POTUS said that he is "looking at"
Chinese companies trading on NYSE & Nasdaq that don't follow U.S. accounting
rules and said he doesn't want to talk to Chinese counterpart Xi now. He also
dropped in an unprompted warning that he "could cut off the whole [trade]
relationship" with Beijing. That said, USD/CNH reversed gains later in the day,
amid a broader recovery in risk appetite.
- The focus turns to a slew of China's econ activity indicators. The rate has
ticked higher in the lead-up to the release and sits +50 pips at CNH7.1149. A
break above yesterday's peak at CNH7.1298 would expose May 4 high of CNH7.1561,
followed by Mar 19 cycle high of CNH7.1653. Bears need a drop below the
50-DMA/May 8 low at CNH7.0825/12 before taking aim at Apr 30 low of CNH7.0527.
- China Securities Journal cited analysts noting that the PBoC may offer MLFs
later in May, after it didn't roll over CNY200bn of maturing funds y'day.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.