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(U1) Needle Points North


(U1) Holding Onto Gains

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The PBOC set their central USD/CNY mid-point at CNY6.4744, just 4 pips above sell-side estimate, leaving spot USD/CNH unfazed. The rate last sits at CNH6.4671, 38 pips below neutral levels.

  • China will release the final reading of its BoP current account balance for the first quarter of 2021 today.
  • Following the release of China's industrial profits on Sunday, focus turns to official PMIs (Wednesday) & Caixin M'fing PMI (Thursday).
  • A slide through the 23.6% retracement of the May 31 - Jun 23 rally at CNH6.4612 would shift focus to Jun 16 low of CNH3.3903. Bulls need a move through Jun 23 high of CNH6.4948 to regain poise.