USDCNH rebound fades around 7.2300 as China defends zero-covid policy, Fedspeak appears mixed – by anilpanchal7 USDCNY ForeignTrade Coronavirus CentralBanks Inflation
The offshore Chinese Yuan’s latest losses could be linked to the covid fears. However, expectations of more private investment to defend the world’s second-largest economy and mixed concerns over the US Federal Reserve’s next move seem to challenge the pair buyers of late.
“China reported 5,643 new COVID-19 infections on Nov. 6, of which 569 were symptomatic and 5,074 were asymptomatic, the National Health Commission said on Monday,” per Reuters. The news also stated, “That is compared with 4,610 new cases a day earlier – 588 symptomatic and 4,022 asymptomatic infections - which China counts separately.”
Alternatively, Reuters quotes updates from the website of the National Development and Reform Commission as saying that private enterprises will be incentivized to invest in 102 major projects in areas such as transportation, water conservation and carbon reduction. Amid these plays, the S&P 500 Futures retreat to 3,750, fading the previous day’s rebound from the lowest level in two weeks whereas the US Treasury yields remain sluggish around the multi-day highs printed the previous day.
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