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Yuan Holds Losses

CNH

Offshore yuan has strengthened, USD/CNH down 106 pips at 6.4299 after rising from 6.3900 pre-FOMC. The PBOC fixed USD/CNY at 6.4298, 30 pips above sell-side estimates and indicating a preference for a weaker yuan. The head of China's FX regulator said last week that companies should avoid one-way bets on yuan as two-way swings will become common.

  • Data late yesterday showed China's acidity slowed in May, industrial production fell to 8.8% Y/Y from 9.8% in April, FAI rose 15.4% Y/Y from 19.9% last time out, retail sales rose 12.4% Y/Y from 17.7% previously. After adjusting for base effects, the picture is more mixed, with investment slowing, industrial output growth holding steady and retail sales accelerating, raising hopes of a recovery led by domestic demand.
  • There were a few China related comments from US Tsy Sec Yellen yesterday, she said she was hopeful China would voluntarily join the global agreement on corporation tax and she wouldn't support any meaningful carve-out. Yellen also said she would worry about a complete tech decoupling from China.
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