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USD/CNH has given away 86 pips and last sits at CNH6.9358. The PBoC fix roughly matched BBG estimate, while general news flow has been few and far between, providing little impetus. Broader USD weakness seems to be the main driver for the pair, with both e-minis & Chinese equities creeping higher. Simmering Sino-U.S. tensions surrounding ByteDance & Huawei (and potentially Alibaba) have been largely ignored.
- The PBoC injected CNY700bn via 1-Year MLF today, which more than offset the loans maturing today (CNY400bn) and Aug 26 (CNY150bn) combined.
- China Banking Regulatory Commission Chairman Guo Shuqing wrote in the Qiushi magazine that the combination of global USD dominance and "unlimited quantitative easing policy of the U.S." is undermining global financial stability and could lead to another great financial crisis.
- A move through Aug 13 low of CNH6.9276 is needed to revive bearish momentum and bring Mar 9 low of CNH6.9049 into play. Bulls look for a break above Aug 13 high of CNH6.9535 before taking aim at Aug 7 high of CNH6.9764.
- Looking ahead, China's monthly LPR fixing is due Thursday.