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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Yuan In Narrow Range


Offshore yuan slightly stronger but off best levels and sticking to a fairly narrow range by usual standards, USD/CNH last down 15 pips at 6.3817.

  • US Tsy Sec Yellen held an introductory virtual meeting with the Vice Premier Liu He yesterday, discussing the Biden-Harris Administration's plans to support a continued strong economic recovery and the importance of cooperating on areas that are in US interests, as well as addressing issues of concern. The talks seemed to go well with Yellen saying she looked forward to further discussions with Liu.
  • Elsewhere Guan Tao, chief economist of Bank of China International and a former forex regulatory official , said China must ensure that the yuan's appreciation shouldn't deviate from its economic fundamentals and that the currency won't move in one way that may damage the economy.
  • The PBOC fixed USD/CNY 4 pips below sell side estimates, the first fix indicating a preference for a stronger yuan in four days.

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