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USD/CNY Pushing Above 7.2500, Fresh Cycle Highs


The onshore yuan is probing higher, above 7.2500, which is around fresh cyclical highs for the pair. This is spilling over into USD/CNH, which is back above 7.2600.

  • Earlier the USD/CNY fixing came in above 7.1200, which is fresh highs for this cycle.
  • A weaker tone in China equities is also clearly evident, bucking the better trend seen elsewhere in the region, along with positive US equity futures (albeit way from best levels).
  • We had Q3 GDP figures print, along with September activity/trade figures. It was a mixed bag. Q3 GDP beat estimates, along with September IP growth, but retail sales and property investment were softer than forecast. The trade sector remained resilient.

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