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USD/CNH Rebounds Even As China's Industrial Profits Accelerate

CNH

Spot USD/CNH recoiled after the release of China's industrial profits, even as their growth accelerated to +28.2% Y/Y from +10.1%, recording the fastest increase in nine years. National Bureau of Statistics of China noted that the strong reading was due to the base effect and profits may come under pressure. The rate last trades +58 pips at CNH6.5753.

  • In a front page commentary Thursday, the China Securities Journal suggested that China may withdraw from some stimulus measures amid broader economic improvement, but "we shouldn't see the monetary authority proactively raising the policy rate for some time to come."
  • Bulls need a clearance of Nov 24 high of CNH6.5971 before targeting Nov 12 high of CNH6.6349, followed by Nov 9 high of CNH6.6495. Conversely, a dip through Nov 18 low of CNH6.5321 would open up trendline support/round figure at CNH6.5009/00.
  • Next week, focus in China moves to official PMI figures (Monday), Caixin M'fing PMI (Wednesday) & Caixin Services/Composite PMIs (Friday).
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