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.

Aug 25, 2023 Offshore RMB Market Report[Chinese SOE banks were suspected to drain CNH liquidity to defend yuan](PDF/364KB)

Aug 18, 2023 Offshore RMB Market Report[PBoC stepped up measures to defend the RMB](PDF/357KB)

Aug 11, 2023 Offshore RMB Market Report[The property rout added RMB depreciation pressure](PDF/340KB)

Aug 4, 2023 Offshore RMB Market Report[The Politburo meeting signaled a shift in the property policy](PDF/438KB)

Jul 28, 2023 Offshore RMB Market Report[The monetary policy divergence sank the CNH to 7.22 level](PDF/320KB)

Jul 21, 2023 Offshore RMB Market Report[PBoC stepped up its measures to defend the RMB](PDF/246KB)

Jul 14, 2023 Offshore RMB Market Report[RMB extended its rally to 7.15 amid the USD sell-off](PDF/254KB)

Jul 7, 2023 Offshore RMB Market Report[Stronger CNY fixing bias anchored the CNH towards 7.24 level(PDF/357KB)

Jun 23, 2023 Offshore RMB Market Report[The monetary policy divergence sank the CNH to 7.22 level](PDF/373KB)

Jun 16, 2023 Offshore RMB Market Report[PBoC's rate cut and disappointing China data crashed the CNH to 7.19](PDF/402KB)

Jun 9, 2023 Offshore RMB Market Report[CNH extended its depreciation to near 7.15 level](PDF/350KB)

Jun 2, 2023 Offshore RMB Market Report[Mounting concern over China slowdown crashed CNH to near 7.14 level](PDF/358KB)

May 25, 2023 Offshore RMB Market Report[CNH extended its one-way depreciation above 7](PDF/361KB)

May 19, 2023 Offshore RMB Market Report[CNH weakened past 7 handle as China data for April were disappointing](PDF/321KB)

May 12, 2023 Offshore RMB Market Report[CNH lost ground to 6.95 as China reopening lost(PDF/226KB)

May 5, 2023 Offshore RMB Market Report[CNH pared back loss to 6.9 on the USD sell-off](PDF/231KB)

Apr 28, 2023 Offshore RMB Market Report[China-US tensions weighed on RMB](PDF/317KB)

Apr 21, 2023 Offshore RMB Market Report[Upbeat China Q1 GDP data did little to boost the RMB](PDF/252KB)

Apr 14, 2023 Offshore RMB Market Report[Solid data fueled China reopening trade momentum](PDF/388KB)

Mar 31, 2023 Offshore RMB Market Report[Strong China PMIs kept the RMB supportive](PDF/356KB)

Mar 24, 2023 Offshore RMB Market Report[CNH rallied to 6.81 after Fed's dovish 25bps hike](PDF/321KB)

Mar 17, 2023 Offshore RMB Market Report[The US and Europe banking rout fueled volatility in RMB market](PDF/352KB)

Mar 10, 2023 Offshore RMB Market Report[China set annual GDP growth target at around 5%](PDF/321KB)

Mar 3, 2023 Offshore RMB Market Report[Strong PMI revived China reopening trade](PDF/350KB)

Feb 24, 2023 Offshore RMB Market Report[CNH extended depreciation to 6.95](PDF/348KB)

Feb 17, 2023 Offshore RMB Market Report[USD resurgence crashed the CNH towards 6.9 level](PDF/348KB)