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USD/CNH & USD/CNY Holding Close To Recent Highs

CNH

USD/CNH sits close to recent highs, last near 7.3280. Dips back to the 7.3200 region have been supported so far today. Onshore USD/CNY spot has hit fresh YTD highs just above 7.3240. No sign yet of meaningful intervention to curb yuan losses at this stage. Weaker HK/China equities are weighing, with property stocks volatile in the first part of trade. The HSI was last around -0.75% weaker, the CSI 300 off ~0.6%.

  • The BDDXY is slightly higher, albeit with EUR and JPY little changed versus the USD against opening levels.
  • For China, trade data for August is still to come.

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