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Yuan Goes Offered, Resulting In New Cycle High For USD/CNH

CNH

Offshore yuan goes offered, with spot USD/CNH running as high as CNH6.7890, breaching resistance from Nov 4, 2020 high of CNH6.7745. When this is being typed, spot USD/CNH trades +155 pips at CNH6.7797.

  • PBOC Vice Gov Chen told reporters that the central bank has guided loan interest rates to decline, adding that the authorities will place stabilising growth on higher priority at this critical moment for the economy.
  • Next resistance is at the round figure of CNH6.8000, followed by Sep 24, 2020 high of CNH6.8462.
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Offshore yuan goes offered, with spot USD/CNH running as high as CNH6.7890, breaching resistance from Nov 4, 2020 high of CNH6.7745. When this is being typed, spot USD/CNH trades +155 pips at CNH6.7797.

  • PBOC Vice Gov Chen told reporters that the central bank has guided loan interest rates to decline, adding that the authorities will place stabilising growth on higher priority at this critical moment for the economy.
  • Next resistance is at the round figure of CNH6.8000, followed by Sep 24, 2020 high of CNH6.8462.