CNY needs weker dollar to rally on basket - BTMU

Analysts at Bank of Tokyo Mitsubishi explained that operating via the CFETS basket, broad USD movements are clearly have bigger sway over CNY/CNH.

Key Quotes:

"But with Yellen signalling hold for the April FOMC, the impact of Friday's NFP # is neutered, leaving room for more EM FX strength vs. USD as a catchup to majors. Beyond this, CNY may need even more bilateral strength against the buck in order to strengthen its basket."