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USD/CNH Holds Above 50-Day MA ​​

CNH

USD/CNH couldn't sustain a break of 6.6800 yesterday. We spent much of the post-Asia close drifting higher, pushing the pair back above 6.6900. Note the 50-day MA comes in at 6.6857 today. Current spot is at 6.6920.

  • The pair remains in a tight range, with limited overall macro drivers. The data calendar is quiet ahead of PMI prints on Thursday. USD/JPY has pushed back towards 135.50, so that may influence today's CNY fixing, albeit at the margin.
  • Elsewhere, onshore media reported an interview with PBoC Governor Yi Gang, where he stated that - monetary policy will continue to be accommodative to support the economic recovery in an aggregate sense. He added the central bank has high priorities to stabilize prices and maximize employment.
  • On FX, the Governor stated that China has a flexible and market-determined exchange rate, and CNY has strengthened in nominal and real terms against the USD in the past 2 decades.
  • Separately, FX reforms will continue with the PBoC telling onshore banks to prepare for longer onshore FX trading hours (likely to extend to 3am from the current 11:30pm close).
  • US National Security Advisor Sullivan stated that US President Biden and China President Xi Jinping are likely to engage over the next few weeks.
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