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Yuan Weakens Ahead Of Data Dump

CNH

Offshore yuan is weaker in early trade, USDCNH retracing its move on Friday.The pair last up 39 pips at 6.4417 having fallen from highs above 6.46 last week.

  • Markets await a data dump from China including new home prices, industrial production, jobless rate, retail sales and asset investment. The MLF rate announcement is also due from the PBOC which will be closely watched considering some of the implied steps towards tightening. Later in the week the LPR rates for 1- and 5-year durations will be announced.
  • Citi expects there to be no change: "Citi Economics believes though monetary policy tightening is ongoing, the PBoC will keep the policy rate – 1-year MLF rate unchanged this year. As it is referenced to the MLF rate, the one-year LPR will likely remain at 3.85% in May and the five-year LPR rate will likely remain at 4.65%."
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