Offshore Yuan Testing Session Highs

Spot USD/CNH has found a base at CNH6.8645, rejecting support from a prior session low printed there in the Asia-Pac session. The rate's worst level today is located just above Mar 1 low of CNH6.8634. A clean breach of this support area would be a significant development from bearish perspective, marking the completion of a double top pattern and opening up scope for continued losses. When this is being typed, the rate is testing the aforementioned session lows.

• The WSJ reported that China's President Xi Jinping is looking to speak by phone with his Ukrainian counterpart Volodymyr Zelensky, probably after an in-person meeting with Russia's Vladimir Putin next week. Xi is reportedly considering visits to other European countries after his trip to Moscow.
• Premier Li Quiang vowed to protect the rights of entrepreneurs and support private business. In his first public remarks since taking office, Li warned that achieving the GDP growth target will be difficult due to multiple risks.