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Yuan Continues To Strengthen

CNH

Offshore yuan continued to gain, bringing the decline in USD/CNH over the past two days to 1.1%. The pair has retraced all of the move higher from last week which was sustained amid a broad sell off in Chinese assets, and now trades at the lowest since July 15. The pair last up 8 pips on the session at 6.4582.

  • Markets will watch the PBOC's OMO's today, the Bank injected a net CNY 20bn yesterday which was the first injection since June 30. While the size of the injection is not huge it showed authorities wanted to soothe the markets' nerves after foreign investors retreated from bonds earlier this week.
  • There was a piece in the Shanghai Securities News earlier China's is expected to continue on a steady growth path and will continue recovering steadily in the second half of the year, while growth is expected to accelerate in Q3. The recovery will be supported by improving manufacturing investment and consumption the piece said.
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