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USD/CNH has crept higher & last trades...>

CHINA YUAN
CHINA YUAN: USD/CNH has crept higher & last trades at CNH6.9903, 53 pips better
off. The rate remains trapped between its two DMAs. The 200-DMA intersecting at
CNH6.9988 limits the topside, providing the initial bullish target. A break here
would clear the way to the 100-DMA/Feb 10 high at CNH7.0109/24. Conversely, a
fall below the 50-DMA at CNH6.9656 would bring the Feb 12/6 lows of CNH6.9575/73
into play.
- The yuan may have been weighed on by Apple's warning that it probably won't
meet its revenue guidance in Q1, which breathed fresh life into concerns over
the broader economic fallout from the Covid-19 epidemic.
- Speculation re: potential postponing of China's "two sessions" is gaining
traction. The Standing Committee of the NPC will meet on Feb 24 and decide on
whether to delay the plenary session originally scheduled for early March.
- China reported 1,886 further coronavirus cases (vs. +2,048 yesterday) and 98
new deaths (vs. +105 yesterday). 
- The focus turns to PBoC monthly LPR fixing, due Thursday. 

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