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USD/CNH last trades at CNH6.7083, ~70....>

CHINA YUAN
CHINA YUAN: USD/CNH last trades at CNH6.7083, ~70 pips better off, ahead of the
release of Chinese activity data at 0200GMT, which comes in the wake of slower
credit data for the month of February (which was subject to LNY effects).
- The rate closed 55 pips lower yesterday, as it round tripped from intraday
highs of CNH6.7212 on the back of gyrations in broader risk sentiment.
- On Wednesday, U.S. President Trump moderated his earlier enthusiasm re:
holding a "signing summit" with his Chinese counterpart Xi. Trump warned that he
will reject any deal that is not to his liking, and that he is not in a rush to
sign a deal, while stressing that the U.S. "has other trade deals cooking."
- The rate still holds towards the lower end of its YTD range, while the last
few sessions saw it consolidate above the CNH6.7000 mark. Bulls need to clear
the 21-DMA at CNH6.7206, which capped yesterday's gains, before challenging the
CNH6.7326-6.7374 area, which hosts the Mar 7-12 highs. On the downside, a fall
below CNH6.7000 would open up the YTD low of CNH6.6740.

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