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USD/CNH Slides Towards Multi-Month Lows

CHINA YUAN

Spot USD/CNH swung lower amid broader greenback weakness, extending losses as the PBoC fixed its central USD/CNY mid-point at CNY6.7595, near the Friday's level but below the BBG estimate of CNY6.7626. The pair has subsequently moved away from lows and last trades -173 pips at CNH6.7618.

  • China's tensions with Taiwan have escalated after last week witnessed a series of incursions by PLA's military aircrafts beyond the median line separating mainland China from the island. The pilots reportedly told Taiwanese personnel that "there is no median line", while the PLA wrote on social media that citizens should "prepare to fight". On Saturday, China's military circulated a video footage of a military drill, during which its bombers were attacking an object resembling U.S. Air Force Base on Guam.
  • The main point of note on China's calendar today was the monthly LPR fixing, with both 1-Year and 5-Year rate left unchanged, in line with expectations.
  • Initial support is provided by Sep 16 low of CNH6.7424 and a breach of that level would shift focus to May 1, 2019 low of CNH6.7179. Bulls look for a rally above Sep 17 high of CNH6.7826 before setting their sights on Sep 9 high of CNH6.8610.
  • China releases its final BoP current account balance on Friday.
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