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Yuan Retraces Early Gains

CNH

Offshore yuan is trading around neutral levels, USD/CNH last flat on the session at 6.4601 having earlier dropping as low as 6.4518, just 9 pips below yesterday's nadir which then saw the rate rebound to 6.4745.

  • The PBOC fixed USD/CNY at 6.4615, 10 pips above sell side estimates. The bank injected CNY 10bn via reverse repos, another small injection by historical standards.
  • Tensions continue to simmer between the US and China, a group of senators from both parties have said plan to offer a bill as soon as tomorrow that aims to counter Chinese censorship of US companies.
  • Market focus has started to turn towards the NPC which starts next week. There was a report in the China Securities Journal that China is likely to de-emphasize quantitative growth targets and instead focus on major reform measures and nurturing new growth drivers.
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