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Yuan Holds Narrow Range Amid Dearth Of Catalysts

CNH

Spot USD/CNH has been oscillating around neutral levels, comfortably within the confines of yesterday's range. The pair last operates at CNH6.3747, little changed on the day.

  • A break above Dec 10 high of CNH6.3893 would allow bulls to take aim at the 50-DMA, which intersects at CNH6.3923. Bears keep an eye on CNH6.3305, a recent multi-year low printed on Dec 8.
  • Nothing unusual from the PBOC today, as daily monetary injections matched maturities, while the yuan reference rate was set just 10 pips above sell-side estimate.
  • China Securities Journal reported that the LPR could be lowered by 5bp this month, amid Beijing's efforts to fuel momentum behind the economy. The next LPR fixing is scheduled for this coming Monday.
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