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CHINA YUAN: USD/CNH has made some gains on China's last trading day before the
week-long Lunar New Year holidays. The rate deals +110 pips at CNH6.9215, still
in a fairly tight range but through yesterday's peak.
- The PBoC fix came in between RTRS & BBG estimates. Reports on the spread of
China's novel coronavirus provides an obvious source of worry, with the
authorities shutting public transportation in Wuhan city. The looming holiday
season has exacerbated virus fears, while (on a different front) inspiring
concerns over liquidity conditions.
- If further gains take the psychological CNH6.9500 barrier out of their way,
bulls will focus on the 200-/50-DMAs at CNH6.9790/6.9833. A throwback below
CNH6.9000, however, would send bears a signal that the Jan 20 multi-month low of
CNH6.8457 is in sight.
- Any updates on the coronavirus situation will take centre stage, given China's
holiday-thinned economic calendar.