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USD/CNH Recovers Ground

CNH

(MNI Australia) USD/CNH was mostly on the front foot post the Asia close. We briefly traded above the 7.0900 handle, before settling back into the 7.0800/50 region. We track slightly higher currently and sit comfortably above early lows from yesterday sub 7.0700. Onshore spot ended Monday's session just above 7.0700.

  • US-China relations remain in focus, with reports that China denied a meeting request from the US for the respective defence chiefs from both countries to meet this week.
  • Sanctions placed on the China defence chief in 2018, coupled with on-going technology export curbs remain issues from China's side, despite last week's meeting between Commerce heads from both countries in the US.
  • Elsewhere, China is considering tax breaks for the manufacturing sector, with a focus on high-end companies. This is likely to be aimed at boosting the economy and encouraging more innovation in the tech sector (see this link).
  • Onshore equities finished mixed yesterday, with the CSI 300 down 0.44%, while the Shanghai Composite rose 0.28%. Northbound stock connect flows were positive for the first time in four sessions, rising 1.43bn yuan.
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