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USD/CNH Sees Support Around 7.1950, Golden Dragon Index Up 6% In US Trade

CNH

USD/CNH currently tracks near 7.2000, close to levels that prevailed late in Asia Pac trade on Tuesday. During Tuesday NY trade we saw support evident on dips to the 7.1950 region. CNH's gain for Tuesday was just under 0.30%. USD/CNY finished up near 7.1900, while the NEER (J.P. Morgan index) finished down 0.16% to 124.31.

  • Focus remains very much on the local equity market backdrop. The raft of headlines yesterday around more sovereign wealth buying, curbing short selling and the regulator meeting President XI all combined to drive sentiment higher.
  • To recap, the CSI 300 finished 3.5% higher, the Shanghai Composite +3.2% up. In US Tuesday trade, the Golden Dragon index surged nearly 6%, it's best gain since late July last year.
  • Northbound stock connect flows, via the HK-China link were very strong yesterday, see this link for more details.
  • Elsewhere, overnight CNH deposit rates continue to climb in another support point before the LNY holiday period kicks off (this Friday).
  • US officials raised concerns around China's industrial policy and overcapacity in talks with China officials. Further meetings are scheduled for April.
  • The data calendar is quiet today, with Jan inflation data out tomorrow.
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