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USD/CNH Sharply Off Intra-Day Highs, HK Vaccine Headline A Potential Catalyst

CNH

USD/CNH is down sharply from intra-day highs. The pair got to the low 7.1200 region, before stabilising somewhat (last around 7.1300). USD/CNY spot has dipped sub 7.1200, -0.50% lower for the session. Broader USD sentiment is on the backfoot, but that has been evident for much of the session. The latest moves lower in USD/CNH appear to coincide with headlines that Hong Kong has approved emergency use of the Biontech Bivalent vaccine.

  • There hasn't been much of reaction in Hong Kong equities, but FX markets may be interpreting the move that such vaccines may become more widely available onshore at some stage.
  • This also comes after the recent trip from German Chancellor Scholz, where an agreement was reached that will allow expats in China to receive Biontech vaccines for Covid.
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