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USD/CNH has lost altitude as China's.....>

CHINA YUAN
CHINA YUAN: USD/CNH has lost altitude as China's Covid-19 case count growth has
flattened a tad, while participants may have turned slightly more optimistic re:
various measures taken by Beijing to mitigate damage from the epidemic.
Headlines centring around research into a coronavirus vaccine may have also
helped the yuan to a degree, but it is worth mentioning that we are still
talking about very early stages of the full manufacturing process.
- USD/CNH last sits at CNH7.0198, 161 pips worse off. The rate is nearing
support from the 23.6% retracement of the Jan 20 - Feb 21 rally/100-DMA at
CNH7.0073/59. The 200-DMA intersects just below there, at CNH7.0015. Meanwhile,
a bounce above the previous two intraday highs at CNH7.0565/72 would give bulls
a fresh impetus.
- China will release its official PMI readings for Feb on Saturday, with Caixin
counterparts due to follow next week.

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