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CHINA YUAN: USD/CNH last deals at CNH6.7191, ~50 pips better off.
- The pair edged lower initially, stopping only at the CNH6.7100 mark. Recovery
was observed post-yuan fixing, even as the PBOC set its central rate vs. USD at
CNH6.7055 vs. the prev. CNH6.7194.
- Trade talks involving Chinese VP Liu, U.S. TR Lighthizer & U.S. Tsy Sec
Mnuchin are underway in Washington. The White House has informed that VP Liu
will meet with U.S. Pres Trump later today. BBG reported that the aim of the
current phase of bilateral talks is "to allow presidents Trump and Xi to hold a
signing ceremony." Meanwhile, BBG sources suggested that the U.S.-China deal
might give Beijing time until 2025 to meet its trade pledges.
- The rate is nearing its 21-DMA at CNH6.7199, after flirting with the level for
the bulk of March. A break above would open up the Mar 28 monthly high of
CNH6.7500. Conversely, bears look for a pullback through yesterday's low of
CNH6.7072 towards CNH6.7000, which acted as a technical support/resistance
several times in March.
- As a reminder, China and Hong Kong will observe national holidays on Friday.