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USD/CNH Sub 7.2700, To Fresh Multi Month Lows, PBoC Comments Supportive

CNH

USD/CNH is drifting lower through the first part of Wednesday trade. The pair was last just under 7.2700, within sight of Monday session lows near 7.2700. A break below this level could see mid-September lows targeted around 7.2600, sub this level is the 100-day EMA near 7.2500.

  • Headlines are crossing from PBoC Governor Pan that the authorities will prevent one-sided FX expectations for the Yuan, prevent overshooting and curb behaviour that disrupts the market order (BBG, RTRS).
  • Other comments noted the growth target of 5% would be met, whilst policy would focus on cross-cyclical and counter-cyclical adjustment in the next stage.
  • CNH has tracked higher as these comments crossed. Local equity sentiment is firmer, although gains are modest at this stage. CNH is up around 0.2% at this stage.
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