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CHINA YUAN: USD/CNH continues its move lower last dealing 215 pips or so softer
at CNH6.7715, with bearish momentum gaining traction alongside modest, broader
USD weakness on the back of dovish comments from Fed-Vice Chair Clarida, and the
yuan also being supported by U.S. Tsy Sec Mnuchin suggesting that there are
plans for top Chinese trade envoy Lie He to journey to the U.S. later this month
- The rate has now breached yesterday's low, with bears now turning attention to
the 200-DMA at CNH6.7197 (previous support levels and breaks were flagged in the
MNI e-mail: MNI Analysis: USDCNH Breaks Pivotal Support at 12:10 GMT 01/09)