Chinese Yuan: Policymakers guide measured RMB appreciation – OCBC
OCBC’s Sim Moh Siong and Christopher Wong highlight that USD/CNH is trading near recent lows as Chinese policymakers allow a measured pace of Renminbi (RMB) appreciation while resisting an overly rapid move via a sizeable fixing premium.
Chinese policymakers are guiding a measured pace of Renminbi (RMB) appreciation, as highlighted by OCBC’s Sim Moh Siong and Christopher Wong. The USD/CNH exchange rate is trading near recent lows, with the fixing resting at 6.7878, the lowest since February 2023. Despite the lower-than-expected credit data, which showed a 340bn decrease in new yuan loans year-to-date and a 23.9tn decrease in social financing, exporter conversions, fixing bias, and a softer US Dollar are seen as offsets. Support is at 6.74/6.72, while resistance lies near 6.7580/6.7730.
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