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.

Mizuho Bank 2021 RMB Outlook (Aug, 2021) [Steady but headwinds evolving](PDF/1,602KB)

Mizuho Bank 2021 RMB Outlook (Jul, 2021) [The resilience of RMB](PDF/1,531KB)

Mizuho Bank 2021 RMB Outlook (Jun, 2021) [The return of RMB rally](PDF/1,529KB)

Mizuho Bank 2021 RMB Outlook (May, 2021) [The return of RMB rally](PDF/1,452KB)

Offshore RMB Market Report

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

May 10, 2024 Offshore RMB Market Report[CNH pared back gains to above 7.2 handle](PDF/258KB)

May 3, 2024 Offshore RMB Market Report[CNH strengthened to below 7.2 amid EM Asia FX rally](PDF/167KB)

Apr 26, 2024 Offshore RMB Market Report[The CNY drifted lower amid the gradual CNY fixing weakening](PDF/253KB)

Apr 19, 2024 Offshore RMB Market Report[PBoC set CNY fixing weaker above 7.1](PDF/233KB)

Apr 12, 2024 Offshore RMB Market Report[PBoC is determined to maintain FX stability](PDF/234KB)

Apr 5, 2024 Offshore RMB Market Report[USD/CNY spot almost hit its upper trading band](PDF/232KB)

Mar 22, 2024 Offshore RMB Market Report[The CNY breakout above 7.2 sparked RMB sell-off](PDF/233KB)

Mar 15, 2024 Offshore RMB Market Report[Stock Connect recorded net inflow to A-shares for 6 straight days](PDF/237KB)

Mar 8, 2024 Offshore RMB Market Report[Optimism on China stimulus package diminished](PDF/238KB)

Mar 1, 2024 Offshore RMB Market Report[PBoC's deep 0.5ppt RRR cut bolstered RMB sentiment](PDF/237KB)

Feb 23, 2024 Offshore RMB Market Report[PBoC managed to defend CNY below 7.2](PDF/261KB)

Feb 16, 2024 Offshore RMB Market Report[CNH held steady despite the continuing deflation data](PDF/234KB)

Feb 2, 2024 Offshore RMB Market Report[Optimism on China stimulus package diminished](PDF/238KB)

Jan 26, 2024 Offshore RMB Market Report[PBoC's deep 0.5ppt RRR cut bolstered RMB sentiment](PDF/218KB)

Jan 19, 2024 Offshore RMB Market Report[PBoC managed to defend CNY below 7.2](PDF/197KB)

Jan 12, 2024 Offshore RMB Market Report[CNH held steady despite the continuing deflation data](PDF/202KB)

Jan 5, 2024 Offshore RMB Market Report[The USD rebound and intensifying rate cut expectation sank the CNH](PDF/236KB)

Dec 29, 2023 Offshore RMB Market Report[Stock Connect inflow and window dressing flow boosted the CNH](PDF/240KB)

Dec 15, 2023 Offshore RMB Market Report[RMB showed resilience against rating outlook downgrade](PDF/206KB)