Market Trends

Information and commentary from Hong Kong on the current market and future prospects regarding wildly fluctuating RMB exchange rates, interest rates and stocks.

Offshore RMB Market Report

Comments on offshore RMB exchange rates, interest rates and stocks from the Hong Kong Treasury Division.

Jun 17, 2022 Offshore RMB Market Report[CNH stabilized at around 6.7 handle as China data improved](PDF/308KB)

Jun 10 , 2022 Offshore RMB Market Report[CNH fell back towards 6.70 on USD strength and higher UST yields](PDF/346KB)

May 27, 2022 Offshore RMB Market Report[Premier Li's warning of growth sank the CNH](PDF/358KB)

May 20, 2022 Offshore RMB Market Report[CNH swung to below 6.7 level as concern over China growth eased](PDF/339KB)

May 13, 2022 Offshore RMB Market Report[The RMB one-way depreciation trend continued, with CNH tumbling to 6.83](PDF/348KB)

May 6, 2022 Offshore RMB Market Report[CNH remained in one-way depreciation](PDF/341KB)

Apr 29, 2022 Offshore RMB Market Report[CNH rebounded sharply from 6.69 to 6.62 after the Chinese Politburo meeting](PDF/366KB)

Apr 22, 2022 Offshore RMB Market Report[CNH sank to 6.5 as market re-priced RMB depreciation risk](PDF/363KB)

Apr 14, 2022 Offshore RMB Market Report[Solid trade data kept the RMB supportive](PDF/348KB)

Apr 8, 2022 Offshore RMB Market Report[Shanghai lockdown extended, CNH in range trading](PDF/377KB)

Apr 1, 2022 Offshore RMB Market Report[CNH pared back its loss driven by Shanghai lockdown](PDF/336KB)

Mar 25, 2022 Offshore RMB Market Report[CNH pared back some of its gains to 6.38 as Fed turned more hawkish](PDF/283KB)

Mar 18, 2022 Offshore RMB Market Report[CNH rebounded as Chinese leaders pledged to stabilze market](PDF/341KB)

Mar 11, 2022 Offshore RMB Market Report[CNH weakened to 6.34 level, as delisting risk of Chinese investment fueled outflow pressure(PDF/360KB)

Mar 4, 2022 Offshore RMB Market Report[CNH hovering at 6.31/6.32 despite the Russia-Ukraine wars](PDF/348KB)

Feb 25, 2022 Offshore RMB Market Report[RMB resilience to Russia-Ukraine tensions](PDF/366KB)

Feb 18, 2022 Offshore RMB Market Report[PBoC refrained from imposing CNY weakening bias](PDF/360KB)

Feb 11, 2022 Offshore RMB Market Report[CNH stuck in a range trading after Chinese New Year](PDF/351KB)