FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Move in USD/CNY is clearly the most significant in currency markets over the last trading sessions. China's offshore yuan CNH strengthened against the dollar after posting its biggest daily gain against the dollar in a year. CNYCNH spread has now turned negative, highlighting the magnitude of the USD/CNH move.
USD/CNH on Wednesday saw the third largest drop on record in what seems like a short squeeze, with China pushing up offshore money market rates to scare off bulls”.
China stepped into both its onshore and offshore yuan markets to shore up the faltering yuan for a second day on Wednesday, sparking speculation that it wants a firm grip on the currency ahead of Trump's inauguration on Jan. 20.
“Fundamentally, we still expect USD/CNY (and USD/CNH) to move higher over the course of 2017, but we are likely to have to see a stabilisation in offshore money market rates to trigger a sustained rebound”, said Morten Helt, Senior Analyst at Danske Bank.
