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Yuan On Defensive

CNH

Spot USD/CNH has ticked higher, in the wake of the release of above-forecast U.S. CPI data on Wednesday. The rate last sits +60 pips at CNH6.4063.

  • Further gains past Oct 29 high of CNH6.4104 would shift topside focus to the 50-DMA, which intersects at CNH6.4307. Bears need a fall through Nov 10 low of CNH6.3851 before taking aim at Oct 25 low of CNH6.3748.
  • Today's yuan fixing was slightly softer than expected. The PBOC set their central USD/CNY mid-point at CNY6.4145, 10 pips above sell-side estimate.
  • Several major Chinese financial newspapers run front-page reports today suggesting that the sharp pick-up in bank lending to property developers is expected to extend into this month, triggering speculation that the authorities may dial down their crackdown on the real-estate sector.
  • Politico reported that the virtual summit between Chinese Pres Xi and U.S. Pres Biden has been tentatively scheduled for Monday evening.
  • The 6th plenary meeting of the 19th Central Committee of the Communist Party of China wraps up today. Xi Jinping is expected to deliver the third "historical resolution" in the CPC's history and set the stage for extending his rule past the customary two five-year terms.
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