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USD/CNH Through 6.7300

CNH

USD/CNH is comfortably through the overnight highs (6.7200), last tracking close to 6.7350.

  • USD/CNH is up 0.30% versus NY close levels, which is the firmest trend amongst the USD/Asia pairs. Onshore spot is up by a similar amount to 6.7150.
  • Whilst equity sentiment has stabilized as Shanghai announced positive progress on clearing ports and re-opening schools (June 6), the overhang from Premier Li's warning around the growth challenges in 2022 is still being felt.
  • Onshore bond yields are ticking lower. The 10yr is down to 2.75%, close to fresh multi month lows, likewise for the 2yr sub 2.2%.
  • The earlier USD/CNY fix was also close to neutral levels relative to expectations.

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