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USD/CNH has registered fresh all time....>

CHINA YUAN: USD/CNH has registered fresh all time highs in the wake of China
being deemed a currency manipulator by the U.S. Tsy. Rate last deals 185 pips
higher at ~CNH7.1170.
- As a reminder, PBoC Gov. Yi spoke on Monday, and noted that China will not use
CNY as a tool to deal with trade disputes nor engage in competitive devaluation.
Yi also noted that he is confident that the yuan will remain a strong currency
in spite of recent fluctuations amid external uncertainties.
- Elsewhere, Monday saw Chinese state media confirm that "the Customs Tariff
Commission of the State Council has not ruled out import tariffs on newly
purchased US agricultural products after August 3, and Chinese related companies
have suspended purchasing US agricultural products." This came after some
confusion in the messaging of various sources pieces from newswires surrounding
the matter on Monday.
- The USD/CNY fix from the PBoC key today, remember that was the trigger for the
move yesterday after the PBoC fixed the rate above the "line in the sand" at
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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