USD/CNY is trading in the lower half of the 6.72 range. Upside is capped, but trading remains cautious around a break below 6.7200. The pair reached 6.7262 this morning before falling into the lower half of the 6.72 range.
USD/CNY is trading in the lower half of the 6.72 range, with upside remaining capped. Trading has become highly cautious around a break below 6.7200. The pair rose to 6.7262 this morning but was quickly pushed back into the lower half of the 6.72 range.
Against the yen, the yuan has been dominant, with the pair seen moving above ¥23.70 this morning. After falling on the impact of the dollar-selling, yen-buying intervention from the end of July, it again moved to update the rebound high reached thereafter.
USDCNY was quoted at 6.7234 and CNYJPY at 23.700. Overall, the market has remained range-bound. These levels have been shaped by market caution and the impact of the intervention.