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USD/CNH has weakened past the Jul........>

CHINA YUAN
CHINA YUAN: USD/CNH has weakened past the Jul 11/Friday's lows at CNH6.8613/
6.8580, highlighted in the previous bullet, showing under a key support zone.
The rate lost ground after a firmer than expected PBoC yuan fix, which was also
the strongest one in six months. Elsewhere, China's central bank left its 1- and
5-Year LPR unchanged. USD/CNH extended losses upon the breach of CNH6.8580 and
currently trades at CNH6.8523, 152 pips worse off on the day.
- With the rate hovering just above CNH6.8500, a fall through the figure would
encourage bears to focus on the Jul 1 low of CNH6.6168. Should the latter level
give way, bears could target the CNH6.8000 mark. It is worth keeping an eye on
the 50- and 200-DMAs, as their spread have been narrowing over the recent months
and a potential "death cross" is on the cards. Meanwhile, bulls look for a jump
back onto the CNH6.9000 handle.

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