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USD/CNH Just Below Simple 200-Day MA


USD/CNH is not too far off Wednesday session highs, last around 6.9040/50. CNH lost around 0.2% for Wednesday's session, broadly in line with USD index trends. USD/CNH is now above the 100-day EMA (6.9038), albeit just, and is very close to the simple 200-day MA at 6.9082 (which coincided with Wednesday session highs). The CNY NEER (J.P. Morgan Index) was down a touch to 125.95, versus 126.06 from Tuesday.

  • The local data calendar remains empty today. Late yesterday China urged state owned enterprises to drop the big four accounting firms form auditing processes over data leak concerns. This is keeping US-China relations in focus.
  • It also came after China President XI Jinping called for greater self reliance in important technologies. This is aimed at limiting the impact of US curbs on technology exports. Russian President Putin also stated he is waiting for Xi to visit. These comments came after Putin met with China's top diplomat Wang Yi.
  • Premier Li Keqiang chaired a state council meeting yesterday and stated the economy is improving, but challenges remain.
  • The China Golden Dragon rose 0.26% in US trade on Wednesday, the first gain in 3 sessions. To recap, onshore equities were weaker across the board yesterday (CSI 300 off by 0.90%).

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