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Yuan Rangebound, Geopolitical Tensions Simmer

CNH

Spot USD/CNH has retraced its initial uptick and last sits at CNH6.4771, virtually unchanged on the day. A break above the 200-DMA/Aug 11 high at CNH6.4867/6.4929 would open up Jul 27 high of CNH6.5287. On the flip side, losses past Aug 11 low of CNH6.4728 would expose the 50-DMA, which intersects at CNH6.4625.

  • The final PBOC fix this week came in at CNY6.4799, just 2 pips below sell-side estimate.
  • On the geopolitical front, China pushed back against protests from Australian Foreign Min over the detention of journalist Cheng Lei and asked Canberra to respect China's judicial independence. Elsewhere, the Global Times circulated an editorial, which warned that Beijing could fly PLA military jets over Taiwan if the island's President takes part in a virtual Summit for Democracy hosted by U.S. Pres Biden.
  • Focus in China turns to a slew of monthly economic activity indicators, due Monday.
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