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USD/CNY Spot back Above 7.1600, Compressing Spread with USD/CNH

CNH

The early impetus for onshore USD/CNY spot has been to track higher. After closing yesterday under 7.1400 we are back to a 7.1600 handle in quick order (last 7.1650). Onshore spot got close to 7.1700 in early trade yesterday, but couldn't sustain gains above 7.1600 as the session progressed.

  • The onshore spot moves have spilled over into USD/CNH, with the pair last tracking closer to 7.1700. The USD/CNH - USD/CNY spread has fallen back close to flat, as onshore spot has played catch up since the open.
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The early impetus for onshore USD/CNY spot has been to track higher. After closing yesterday under 7.1400 we are back to a 7.1600 handle in quick order (last 7.1650). Onshore spot got close to 7.1700 in early trade yesterday, but couldn't sustain gains above 7.1600 as the session progressed.

  • The onshore spot moves have spilled over into USD/CNH, with the pair last tracking closer to 7.1700. The USD/CNH - USD/CNY spread has fallen back close to flat, as onshore spot has played catch up since the open.