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USD/CNH Up From Lows As Equity Sentiment Moderates

CNH

USD/CNH is up from earlier lows. After printing 7.2234, the par sits just under session highs of 7.2364, last in the 7.2340/50 region. The catalyst for the turnaround appears to HK/China equities losing some of their positive early impetus. The HSI is up ~0.70% at this stage, but we were +1% in earlier trade.

  • Onshore equities are also back closer too flat after opening in positive territory. Property sub indices are positive territory but again off earlier highs. The CSI 300 real estate index is +0.59% at this stage. Further calls for support in the sector is aiding sentiment, with the authorities calling for financial institutions to extend loans for developers.
  • USD/CNH remains within recent ranges though, with Monday session highs closer to 7.2500.
  • Onshore USD/CNY spot is a touch firmer as well, but hasn't sustained earlier gains above 7.2300 at this stage.
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