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CHINA FX: Despite a firm bout of volatility in trading partner's currencies on
disappointing Chinese PMI data, CNH was somewhat stable overnight, sitting
broadly flat on the week for the offshore at 6.74. Implied vols pulled back
also, returning closer to the recent cycle lows printed at 3.34 points for the
1m measure. Spot USD/CNY holds between the 50- and 100-dmas, with first
resistance seen at 6.7712 and support at 6.7146.
-CNH's relative lack of reaction to the Chinese data may be due to the PMI
numbers suggesting some stabilisation in the domestic economy and the only
modest growth suggested by PMIs may add to the case for the Chinese authorities
to help support key industries through RRR cuts or fiscal expansion.
-MNI exclusive reports earlier today suggested that China is not about to accede
to U.S. demands to stop importing oil from Iran, but the issue is unlikely to
spoil trade talks between the two countries according to two advisors for the
Chinese government. One advisor added that US sanctions on Iranian crude could,
in fact, promote the use of the yuan.