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Weekend China News Flow Negative

CNH

USD/CNH ended last week just below 6.7000, but it was a volatile session, with highs close to 6.7300, before more concerted selling interest emerged post the Asia close. We have edged back above 6.7000 in early trading today, with generally negative headline news from the weekend.

  • Chinese developer, Shimao Holdings, didn't pay a $1bn dollar bond that matured yesterday. The company is the 14th largest developer in China, and has nearly $10bn in onshore and offshore bonds outstanding.
  • Covid case numbers also spiked, after mass testing in several districts. The Anhui province, which already has some districts in lockdown, has recorded cases in the hundreds. Jianhsu, which is close to Shanghai is also seeing rising case numbers (59 on Saturday). A number of asymptomatic cases were also found in Zhejiang on Saturday, which is halting flights to Beijing.
  • Elsewhere, on Saturday a US Democrat Senator called on US President Biden to repeal US tariffs on China, to help bring down inflation pressures.
  • Today's data calendar is empty for China, with the Caixin services PMI and composite indices out tomorrow.
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