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USD/CNH Holds Above 6.8000, Onshore Bond Yields Trending Lower ​​

CNH

USD/CNH is holding above 6.8000 as we head towards the EU/London cross over. Onshore bond yields have moved down further today. The 2yr is down close to 4bps, putting the outright just below 2.055%, which is right on early August lows. A break lower would be fresh YTD lows. The 10yr is comfortably past this point, now at 2.63%, down a further 4bps today.

  • The US-CH 2yr spread has been range bound though around +112bps, and we remain below highs of +116 from early London trading yesterday. As US yields have also moderated. In any event yesterday’s spike in USD/CNH bought the pair closer to levels implied by the yield differential spread.
  • USD/CNH 1 month implied vol spiked above 6% in early trade today but is back below this level now (last at 5.85%). No doubt aided by today's spot moves.
  • Onshore equities are struggling to stay in positive territory despite higher property stocks, although the Shanghai property sub-sector is away from best levels.
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