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The yuan rose for a fifth straight session to a near five-month high against the dollar, supported by optimism over China's reopening. Gains were capped near 6.75 per dollar as corporate clients bought dollars on dips.
Morgan Stanley raised its view to a 12-month USD/CNY target of 6.65.
Stronger yuan expectations lower the dollar cost of Chinese imports, but seasonal corporate dollar demand may limit further gains. USD/CNY is trending lower with resistance near 6.75.
mmnews.tvReutersJan 10, 2023After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Yuan rose for a fifth straight session to a near five-month high on reopening optimism, directly matching the ~2% fall in CNY per USD through Jan 10.
