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CHINA YUAN: USD/CNH consolidates above CN7.0 after surging past the round figure
Friday amid heightened coronavirus worries. The PBoC will offer the first batch
of special re-lending funds today; they are to be directed to activities related
to virus containment. The data docket is headlined by inflation figures, due at
the bottom of the hour. For now, all eyes on the PBoC fix, due shortly.
- Beijing takes fiscal measures as well. Xinhua reported that "China has
allocated a total of 71.85 billion yuan (about 10.3 billion U.S. dollars) of
fiscal funds to support the control of the novel coronavirus outbreak."
- In the latest update, China reported 3,062 new cases & 97 new deaths. The
total no. of confirmed cases is at 40,171, with 908 deaths.
- USD/CNH trades flat at CNH7.0071. Above Feb 3/4 highs of CNH7.0229/31 opens
the CNH7.0410-15 area, which registered a series of highs in mid-Dec. Bears look
for a drop below the 200-DMA at CNH6.9943, towards the CNH6.9733 50-DMA.
- As a reminder, on Friday China announced a last-minute cancellation of the
release of January trade data to avoid LNY disruption. January readings will be
combined & released with February figures.