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Yuan Holds Tight Range, State Council Pledges To Prioritise Employment

CNH

Spot USD/CNH traded sideways Monday, as participants weighed underwhelming Chinese economic activity data for the month of July & a softer than anticipated PBOC fix against larger than expected MLF rollover.

  • China's State Council pledged to prioritise employment while setting fiscal and monetary policies and urged all departments to "strengthen cross-cyclical policy adjustment".
  • The PBOC set their central USD/CNY midpoint at CNY6.4765 today, virtually in line with sell-side estimate (CNY6.4767).
  • Focus moves to the next LPR fixing scheduled for Friday.
  • USD/CNH last trades at CNH6.4782, ~20 pips better off. Gains past the nearby 200-DMA at CNH6.4854 would expose Aug 11 high of CNH6.4929. Conversely, a dip under the 50-DMA at CNH6.4659 would clear the way to Aug 4 low of CNH6.4536.
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