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USD/CNH Through Tuesday Highs, Not Far From 7.2000 Level

CNH

USD/CNH has pushed through Tuesday highs, getting close to 7.1960 in recent dealings. USD/CNY is also firming, but is trailing somewhat, last near 7.1850. Earlier USD weakness post the Fitch ratings downgrade hasn't been sustained, with USD/JPY rebounding back to Tuesday closing levels in NY.

  • Ther other headwind for CNH has been on-going weakness in local and HK equities. The HSI is off by around 2.00% at this stage, the CSI 300 by ~0.40%. The Golden Dragon index did lose more than 2% in US trade on Tuesday.
  • News that the PBoC will guide banks lower to existing mortgage rates lower is aiding the property developer segment, but the same news is reportedly weighing on bank shares.
  • For USD/CNH, July 24 highs came in at 7.2134, while on the 20th we hit 7.2323. We are mindful though of fresh policy responses/push back against renewed depreciation pressures on a break above the 7.2000 level.
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