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Weakens From August High

CNH

Offshore yuan is weaker, USD/CNH retracing its post-NFP move lower. The pair last up 80 pips at 6.4464. The PBOC fixed USD/CNY at 6.4529, 9 pips above sell side estimates. Resistance is seen at the 100-DMA at 6.4555, support at 6.4244 the August low hit on Friday.

  • Talk of an RRR cut has gained traction, the China Securities Journal citing Zeng Gang, deputy director of the National Institution for Finance & Development, reported that the PBOC is likely to increase liquidity by cutting the reserve requirement ratios or even interest rates this year should the market need it.
  • There is little to catalyse a move in the pair today, volumes are expected to remain thin with US participants observing the Labor Day holiday. Markets look ahead to trade data tomorrow, exports are expected to have maintained their robust pace.
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