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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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In the third quarter, a growing concern over global liquidity conditions is likely to weigh on EM Asian currencies that have rallied substantially this year amid large portfolio inflows. The CNY (and the SGD) are expected to outperform other regional currencies should external financial conditions tighten. However, a strong print of the United States non-farm payroll data, later today would undermine regional currencies, Scotiabank reported.
USD/CNH was offered aggressively from 09:30 am to 10:00 am HKT on Wednesday, largely due to an elevated fixing-spot gap. The PBoC said in a statement dated Tuesday after its Q2 monetary policy committee meeting that it will keep the yuan exchange rate basically stable at an equilibrium level and closely monitor international capital flows.
However, the market remains in doubt about the yuan’s strength as both USD/CNY and USD/CNH rebounded on Wednesday afternoon. US President Donald Trump on Wednesday tweeted that "Trade between China and North Korea grew almost 40 percent in the first quarter.
"In the coming sessions, we could see another dollar selloff as USD/CNY fixing-spot gap remains wide," the report said.
