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Yuan Weakens After Fix


Offshore yuan is weaker, USD/CNH reversing its earlier move lower as DXY comes off its lows; the pair last up 43 pips at 6.3965. The PBOC fixed USD/CNY at 6.3960, 29 pips above sell-side estimates indicating a preference for a weaker yuan. Bloomberg notes that typically the threshold for significance is 20 pips deviance from sell-side estimates, and significant misses tend to lead to shadow intervention.

  • Elsewhere US trade representative Tai said that the trade relationship between the US and China is imbalanced and the Biden administration is committed to making it more equitable. "It's a relationship in trade that has been marked by significant imbalance - that is in terms of performance, but also in terms of opportunity and openness of our markets to each other" said Tai. "The United States is committed to doing everything we can to bring balance back to the U.S.-China trade relationship."
  • Markets look ahead to May trade data which is expected to hit during the session today, while FX reserves will also be released

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