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Policy
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G10 Markets
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Real-time insight on key fixed income and fx markets.
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Free AccessUSD/CNH last trades at CNH6.8931, just...>
CHINA YUAN: USD/CNH last trades at CNH6.8931, just 15 pips worse off, in spite
of broader USD weakness stemming from yesterday's dovish FOMC rhetoric & a
marginally stronger than exp. fixing from the PBoC. That being said, the rate
managed to touch the lowest level in more than a month earlier in the session.
- The PBoC set its central yuan mid-point at the monthly low of CNY6.8805.
- U.S. President Trump told Fox today that it is important to have a good
relationship with China and Russia. Elsewhere, Chinese Pres Xi has left for a
state visit in North Korea.
- Today marks the third consecutive day when USD/CNH registers a lower high and
lower low. Worth noting, however, that the rate has charted a golden cross
recently (50-DMA above 200-DMA). Bears look for a return below CNH6.8883, where
the rate bottomed yesterday, before looking to a further dip through the May
10/9 highs of CNH6.8648/36. Meanwhile, bulls look for a breach of the
psychological CNH 6.9000 barrier before targeting the 21-DMA, which kicks in at
CNH6.9237.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.