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Yuan Edges Higher, Bearish Bias In PBOC Fix Narrows

CNH

Spot USD/CNH has been offered and last sits at CNH6.3151, down 38 pips on the day. A recent cycle low of CNH6.3060, printed on Feb 24, provides the initial bearish target. Bullish focus falls on Feb 22 high of CNH6.3445.

  • The PBOC set the USD/CNY reference level at CNY6.3351, just 10 pips above the sell-side estimate. The bearish bias was markedly smaller than yesterday, when the fixing missed expectations by almost 60 pips.
  • Chinese Foreign Min Wang told his Ukrainian counterpart Kuleba that Beijing was "extremely concerned" about the ongoing harm to civilians. China's chief diplomat stopped short of naming Russia as the perpetrator, but also rejected Moscow's framing of the conflict as a "special military operations" as he described it as a "war."
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