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Free AccessUSD/CNH has lost altitude as the.........>
CHINA YUAN: USD/CNH has lost altitude as the greenback was offered amid broader
risk-on flows. The rate last trades -75 pips at CNH7.1264. The first PBoC fix of
the week was roughly in line with estimates. On the data front, China reported
April new home prices, which rose 0.42% M/M.
- Chinese Commerce Minister Zhong Shan highlighted threats from the coronavirus
pandemic to China's foreign trade. He added that China will continue widening
market access, but didn't reveal much detail.
- Worth re-flagging PBoC rhetoric from over the weekend, covered in our POLICY
pieces. Gov Yi pledged to step up monetary policies "with more focus on
flexibility", while MPC's Ma pushed back against monetization of debt.
- Elsewhere, reports re: Sino-U.S. tensions have been doing the rounds, but they
pointed to little beyond rhetoric and potential actions.
- Bears need a dip through trendline support at CNH7.1065 to bring May 8 low of
CNH7.0812 into play. Meanwhile, a jump above Friday's peak at CNH7.1354 would
expose CNH7.1561, the high of May 4.
- Focus turns to Wednesday's 1-Year & 5-Year LPR fixings.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.