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Yuan Chews Into Yesterday's Losses

CNH

Spot USD/CNH has been offered, although there has been little of note in China's headline flow. The rate side at CNH6.3757, down 49 pips on the day, with bears looking for a breach of Dec 13 low of CNH6.3640 before setting their sights on Dec 8 low of CNH6.3305. Bulls look for a jump above Dec 10 high/50-DMA at CNH6.3893/6.3910, which would bring Nov 26 high of CNH6.3999 into play.

  • China's NBS revised 2020 GDP growth to +2.2% Y/Y in final review from the preliminary reading of +2.3%.
  • The yuan fixing was only marginally weaker than expected. The central USD/CNY mid-point was set at CNY6.3651, 9 pips above the average estimate based on a BBG survey.
  • The PBOC will announce their monthly LPR fixing on Monday. The Securities Times cited a local analyst noting that the People's Bank could trim their benchmark rate ahead of the holiday season.
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