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Free AccessUSD/CNH Through 7.3200 As Local Equities Weaken Post On Hold 5yr LPR Decision
USD/CNH has continued to track higher. We got to 7.3250 in recent dealings, fresh highs back to last Thursday. Highs from that session were marked near 7.3500. Onshore spot has opened up firmer, rallying back through the 7.3000 level. The upside in onshore spot is capped at 7.3427 (+2% above today's USD/CNY fixing level), which may also represent somewhat of a loose cap for USD/CNH.
- Sentiment has been weighed by no change in the 5-yr LPR rate, which has left onshore equities on the back foot in early trade. The consensus was for a 15bps cut to boost the under pressure growth backdrop.
- The CSI 300 is comfortably sub 3800, and tracking at fresh lows back to November of last year. HK equities are also weaker, currently tracking close to session lows, off 1.5% at this stage.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.