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USD/CNH-USD/CNY Spot Wedge Narrows

CNH

The USD/CNH-USD/CNY spot wedge has narrowed somewhat, largely due to USD/CNY spot continuing to climb higher. This pair was last near 7.3160, which isn't too far away from early Nov 2022 highs close to 7.3275. USD/CNH has been relatively stable in recent trading, the pair last under 7.3400.

  • Equity sentiment has improved at the margins. The HSI is last tracking off -0.50%, recouping earlier losses, with the HSTECH index back in positive territory, after earlier down as much as 2.5%. Onshore shares are also higher, the early dip in the CSI 300 sub 3800 generating buying interest.
  • Earlier headlines crossed from Reuters that large State-owned banks have been selling USDs and buying yuan in the offshore market during London/NY trading hours this week. Reports also point to similar flows in the onshore spot market. The moves were designed to slow the rate of depreciation in the yuan, rather than reverse the trend.
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