China’s inclusive finance-prosperity index reached 48.99 points in February, up 0.03 points from January, driven by overlapping holiday and policy effects boosting small enterprise confidence, Securities Daily reported. The business prosperity sub-index increased across nine out of 11 industries including transportation, warehousing and postal sectors. The index is compiled by institutions such as the China Economic Information Service and China Banking Association and assesses inclusive financial services to all segments of society, including small firms, rural populations and low-income individuals.
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AUDUSD has rallied sharply driven by stronger HK/China equities. The pair is up 0.3% to 0.6369 and is also benefiting from the prospects of peace in Ukraine. It approached resistance at 0.6384 reaching a high of 0.6372, after clearing 0.6334 on Friday. The USD index is down 0.1%. US retail sales disappointed on Friday.
USD/CNH broke lower as onshore equities opened higher. We got to 7.2427, but sit back closer to 7.2500 in latest dealings. This leaves us sub the 100-day EMA (near 7.2590), while the 200-day is further south, close to 7.2330.
Fig 1: USD/CNH (Inverted) Versus China To Global Equity Ratio
Source: MNI - Market News/Bloomberg