Chinese Yuan: Pre-summit support and firmer bias – DBS
Chang Wei Liang at DBS Group Research highlights that USD/CNH is easing toward 6.70 despite a stronger Dollar, with the Renminbi (RMB) supported by a lower USD/CNY fixing below 6.76.
Chinese Yuan (RMB) is showing signs of strengthening ahead of the upcoming Trump-Xi summit, according to Chang Wei Liang at DBS Group Research. USD/CNH is easing towards 6.70 despite a stronger US Dollar, with the RMB supported by a lower USD/CNY fixing below 6.76. China's possible goodwill towards the US may be a factor in this favorable outlook for the RMB.
Markets are hopeful that the trade truce between the US and China may extend beyond November, with further strengthening of the RMB expected leading up to the summit. The US has reportedly postponed any new tariff announcements until after the summit, adding to the positive sentiment surrounding the Chinese Yuan.
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