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Yuan Lower After Fix

CNH

The PBOC fixed USD/CNY at 6.4563, around 10 pips above sell side estimates, USD/CNH is up around 15 pips at 6.4558. The slightly higher fix, and thus weaker yuan, follows a 32 pip lower miss on Friday, the biggest downside miss for several months and a fixing that saw some discussions the PBOC would allow the yuan to strengthen but today's fix casts doubt over that narrative.

  • US President Biden and Chinese President Xi spoke by phone earlier in February, the tone appeared to be constructive, but Biden has taken a firmer stance that some expect and has indicated he will keep many policies from the Trump era in place, as well as noting the competitive nature of the US's relationship with China.
  • Earlier a senior Chinese diplomat said China hoped the US would adjust unreasonable tariffs as soon as possible and that the foundation of the relationship between the US and China had been damaged. He added that China is ready to work with US on covid-19, climate, and world economic recovery
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