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CHINA YUAN: USD/CNH has been offered as the broader USD weakness took some
weight from off the pair. Disappointment w/lack of clarity on stimulus measures
from U.S. off'ls has been the dominant theme, with the rapid increase in U.S.
coronavirus case count further damaging USD. By contrast, China added just 24
new cases today, with all of the 22 new deaths occurring in Wuhan, Hubei. The
only interruption in USD/CNH sell-off was a spike higher in reaction to a weaker
than expected PBoC fix, which wiped out earlier losses. However, selling resumed
promptly thereafter, taking the rate to fresh session lows.
- The authorities of several Chinese provinces have relaxed restrictions imposed
on local populations to contain the epidemic. Hubei gov't said that sectors such
as public transport & producers of medical supplies & daily necessities will be
allowed to return to work, while others can seek approval to resume operations.
- USD/CNH last sits -68 at CNH6.9570, with downside focus still on CNH6.9049,
the low of Mar 9. On the flip side, a return above the 50-DMA at CNH6.9619 would
expose the 38.2% retracement of the Sep 3 - Jan 20 bear mkt at CNH6.9797.