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Yuan Edges Lower As Shanghai Covid-19 Case Count Tops 20,000

CNH

Spot USD/CNH has climbed on Friday as China continues to battle the outbreak of Omicron coronavirus variant. The rate last sits at CNH6.3689, up 56 pips on the day, with bulls looking to a swing above Apr 6 high of CNH6.3871 towards Mar 28 high of CNH6.3983. Bears look for a dip through Mar 31 low of CNH6.3452.

  • Shanghai announced that citywide testing continues today as it reported over 20k new Covid-19 cases. The wave of infections in China's most populous city presents a serious challenge to President Xi's Covid Zero strategy, with Shanghai residents facing food and medicine shortages amid a series of particularly strict lockdowns in a number of localities. The government is treading a tightrope between containing the outbreak of Omicron and appeasing the growing backlash against harsh measures.
  • The PBOC set the yuan reference rate just 5 pips below sell-side estimate after a string of generally in-line fixings this week.
  • Inflation data (Monday), trade balance (Wednesday) & new home prices (Friday) headline China's data docket next week.
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