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USD/CNH dips after a stronger than.......>

CHINA YUAN
CHINA YUAN: USD/CNH dips after a stronger than exp. PBoC fix and last trades at
CNH7.1581, ~85 pips worse off. The USD/CNY mid-point was set at CNY7.0810 vs.
RTRS est. of CNY7.1055 & the prior fix at CNY 7.0570.
- Worth noting that the spread between the PBoC mid-point and spot USD/CNY is
widening, which points to beefing up of the counter-cyclical adjustment factor.
- U.S.-China trade tensions remain front & centre after U.S. Pres Trump &
Chinese VP Liu sounded optimistic yesterday, scaling back the weekend escalation
in bilateral spat. Elsewhere, China's People's Daily warned that the U.S.
shouldn't misjudge Beijing's ability to retaliate if the U.S. boosts tariffs.
- The FT reported that investments by U.S. firms in China have grown this year,
as the country's expanding consumer market remains attractive.
- Bears look to extend losses through the channel resistance-turned support,
which comes in at CNH7.1481. Below opens the Aug 6/23 high of CNH7.1400/385.
Bulls target CNH7.1926, where the rate peaked yesterday.
- Chinese industrial profits are due shortly. Official PMI readings are due on
Saturday.
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