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USD/CNH has softened on the back of......>

CHINA YUAN
CHINA YUAN: USD/CNH has softened on the back of continued risk-on flows, which
have sapped strength from the greenback. The Asia-Pac players digested the news
re: the Fed's plan to buy corporate bonds & U.S. Commerce Dept's thumbs-up for
the participation of U.S. firms in tech standard-setting with Huawei. The rate
has extended its dip as a BBG report noting that the White House is preparing a
$1tn infrastructure spending package inspired a fresh bout of risk-on flows.
- Aforementioned developments have allowed the yuan to look through further
signals pointing to a second wave of Covid-19 infections in Beijing. China's
capital shuttered further residential areas & cancelled some inbound bus
connections in a bid to nip the fresh cluster of infections in the bud.
- BBG reported that U.S. Sec of State Pompeo will meet with his Chinese
counterpart Yang Jiechi today. The meeting has not been officially announced or
confirmed, with BBG sources pointing to a tight secrecy around the talks.
- Spot sits -73 pips at CNH7.0649 at typing. A clean break below the 100-DMA at
CNH7.0625 would open Jun 10 low of CNH7.0454 & Apr 10 low of CNH7.0370. Bulls
look to a rebound above yesterday's peak/50-DMA at CNH7.0974/7.1002.
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