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USD/CNH has climbed today, last trades...>

CHINA YUAN: USD/CNH has climbed today, last trades +141 pips at CNH7.1311. The
rate has been supported by a broader defensive feel and looked past a stronger
than estimated PBoC fix. China's central bank set its USD/CNY mid-point at
CNY7.1012 vs. exp. of CNY7.1035.
- Chinese Pres Xi & German Cll'r Merkel agreed yesterday that the China-EU
summit, scheduled for Sep 14, will have to be postponed due to the coronavirus
- Worth flagging that U.S. Tsy has delayed the publication of its semi-annual
currency manipulation report, with ING suspecting that the U.S. might be
assessing whether to re-label China an FX manipulator, as bilateral tensions
continue to simmer.
- A rally above the CNH7.1500 mark would return focus to the all-time high of
CNH7.1965, last printed on May 27. Bears look for a drop below the 50-DMA at
CNH7.1055 before targeting yesterday's low of CNH7.0881.
- China's trade balance & foreign reserves hit the wires on Sunday.

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