USD/CNH closes below 7.00 for the first time since May 2023 – DBS
|CNY appreciated 0.5% overnight on China’s stimulus hopes, and CNH did better with a 1.0% again, DBS FX analyst Philip Wee notes.
Shanghai Composite Index has a best weekly rise in almost 16 years
“CNY appreciated 0.5% (CNH did better with a 1.0% again) overnight on China’s stimulus hopes.”
“Despite doubts that the stimulus would reverse China’s slowdown, the Shanghai Composite Index surged 9.7%, its best weekly rise in almost 16 years, to a three-month high of 3001.”
“Offshore USD/CNH fell from 7.10 to 6.98, closing below 7.00 for the first time since May 2023. Onshore USD/CNY lagged at 7.01.”
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