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USD/CNH has added 102 pips and last......>

CHINA YUAN
CHINA YUAN: USD/CNH has added 102 pips and last trades off earlier highs at
CNH7.0112, as a mild risk-off feel has lent support to the pair. It has moved
higher, even as the PBoC fixed its USD/CNY mid-point at CNY6.9996, below the BBG
estimate of CNY7.0014.
- China reported a narrower than expected trade surplus today, but breakdown
figures were better, with both imports and exports expanding unexpectedly.
- ICYMI, Sino-U.S. tensions continue to bubble, after the U.S. rejected China's
ambitious maritime claims in south China Sea, after previously not taking sides.
- A jump above Jul 8 high of CNH7.0296 would clear the way to the 200-DMA,
coming in at CNH7.0395. Meanwhile, a dip through Jul 9 low of CNH6.9809 would
open up the lower 3.0% Bollinger band at CNH6.9539.
- China's quarterly GDP & monthly economic activity indicators are due Thursday.
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