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PBoC set USD-CNY fixing rate at 6.3493 this morning, compared with 6.3505 yesterday. In the meantime, USD-CNH lowered to the lower 6.34 area overnight driven by dollar weakness.
China's central bank set the fixing rate between CNY and CNH for the second consecutive day, reflecting the intention to narrow CNY-CNH spread. However, it is still quite difficult without free cross-border flows.
"In the day ahead, we still see downside bias in USD-CNH as all emerging market currencies remain strong on on the back of the FOMC minutes", says Commerzbank.
The role of PBoC is very interesting: as the central bank still dominates the onshore market, the onshore market volatility is quite limited. Thus, in order to narrow the onshore/offshore gap, China's central bank needs to intervene into the more volatile CNH market, which is normally against the market trend.
