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Yuan Holds Familiar Range

CNH

Spot USD/CNH has inched higher and last trades +19 pips at CNH6.3929, still within the confines of yesterday's range. Bulls look for a break above Nov 16 high of CNH6.3975, followed by Oct 29 high of CNH6.4104. Bears need a dip through Nov 16 low of CNH6.3616 before taking aim at May 31 low of CNH6.3525.

  • The PBOC set their central USD/CNY mid-point at CNY6.3903, 5 pips above sell-side estimate.
  • China's Vice Premier Liu used an op-ed in the People's Daily to call for stabilising house prices in line with the slogan of "houses are for living in, not for speculation."
  • Tensions between mainland China and Taiwan are bubbling, as the Liberty Times reported that the self-governed island could impose an entry ban on senior Chinese officials. Separately, China's Taiwan Affairs Office provided a fresh round of hawkish rhetoric on Taiwan and its foreign partners.
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