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USD/CNH has crept higher as U.S.-China...>

CHINA YUAN
CHINA YUAN: USD/CNH has crept higher as U.S.-China tensions have taken centre
stage, sparking jitters again. U.S. President Trump fired another salvo via his
Twitter account, drawing the ire of Chinese state media. The POTUS lashed out at
China's spokesman (he didn't specify which) for spreading "disinformation and
propaganda", adding that "it all comes from the top".
- The rate last trades +120 pips at CNH7.1162, still holding yesterday's range.
A break above May 18 high of CNH7.1448 would turn focus to CNH7.1561, the peak
of May 4. On the flip side, bears need a drop under yesterday's low/50-DMA at
CNH7.0985/38 to draw attention to May 8 low of CNH7.0812.
- As a reminder, China's Two Sessions kicked off today with a meeting of top
advisors to the CCP. The National People's Congress convenes tomorrow and China
is exp. to reveal something about its econ recovery plans. All eyes will be on
an address from Premier Li, which normally includes some key econ targets.
- Many analysts have suggested that China might drop its usual practice of
announcing a GDP target this time, but a counsellor to the State Council
interviewed by MNI (Main Wire 09:38 BST 05/20) opined to the contrary.
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