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Yuan Unfazed By Reports Re: Another Round Of Beijing's Regulatory Crackdown

CNH

Spot USD/CNH has held a tight range, remaining comfortably within the confines of the prior trading day's range. The pair last operates at CNH6.4449, 17 pips higher on the day.

  • Bulls need a firmer push through Sep 7 high of CNH6.4648 to gain some momentum, which would allow them to target Aug 31 high of CNH6.4719. Bears look for a pullback under Sep 10/3 lows of CNH6.4261/6.4244.
  • The FT reported that Chinese regulators want to ramp up their crackdown on the fintech sector by breaking up Alipay and making Ant Group's Huabei and Jiebei split into a separate lending app.
  • The PBOC set the central USD/CNY mid-point at CNY6.4497, 5 pips below sell-side estimate. It was the first sub-6.4500 fixing since Jun 18.
  • On the data front, focus turns to a slew of monthly economic activity indicators, due Wednesday.
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