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The USD/CNY currency pair is expected to trade in a range of 6.25-6.40 for now and see the United States dollar index trading with an upward bias in the run-up to the June 12-13 Federal Open Market Committee (FOMC) meeting, according to the latest report from Scotiabank.
Further, the CNY and CNH will continue running a tight correlation with the euro exchange rate that remains susceptible to remarks from European Central Bank’s (ECB) top officials. EUR/USD is now trading around the 61.8 percent retracement of the November-February rally after failing to rally through the 1.20 psychological resistance on Tuesday.
More foreign investors will raise their holdings in China’s yuan-denominated financial assets in the months and years ahead, providing support to the yuan in the medium to long-term. As at end-March 2018, foreign positions in yuan-denominated equities and bonds increased 55 percent and 64 percent respectively to CNY1.20 trillion and CNY1.36 trillion from a year ago.
The confirmation has raised hopes for some trade solutions and fairly eased market concerns. In concession, US President Donald Trump announced in a Sunday morning tweet that he was working with Chinese President Xi Jinping to help get Chinese telecoms company ZTE "back into business", the report added.
The PBoC said it will implement a prudent and neutral monetary policy and strengthen the market role in determining the yuan exchange rate, according to its Q1 monetary policy implementation report published on Friday.
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