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USD/CNH has defied gravity today, but....>

CHINA YUAN
CHINA YUAN: USD/CNH has defied gravity today, but failed at yesterday's best
levels. Broader risk-off impetus pushed the rate higher, as focus remains on
Covid-19 situation in China. Sentiment took a hit yesterday and Beijing closed
all of its schools. China's capital took further steps today, introducing
closed-off management at all residential compounds. Local press reported that
new coronavirus cases linked to the cluster of infections at Beijing's Xinfadi
market have been discovered in at least four provinces, most recently in
Zhejiang. The Heilongjiang province will quarantine visitors from some of
Beijing's districts, per a tweet from the Global Times.
- The Economic Information Daily reported that China's central bank is likely to
cut its RRR at the end of June or in early July, after the rate applied to MLFs
was left unchanged on Monday. Elsewhere, the PBoC announced that it will sell
CNH10bn worth of six-month bills in Hong Kong on June 23.
- USD/CNH sits +62 pips at CNH7.0883. A jump above Jun 15 high/50-DMA at
CNH7.0974/7.1009 would open up Jun 4 high of CNH7.1337. Conversely, downside
focus falls on Jun 10 low of CNH7.0401 & Apr 10 low of CNH7.0370.
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