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CHINA YUAN: USD/CNH last trades at CNH6.9314, a touch higher on the day, but
dragged off of highs as the PBoC set its central yuan mid-point at CNY6.8942 vs.
the RTRS estimate of CNY6.9113.
- This comes after the rate finished virtually unchanged yesterday.
- Worth noting China's U.S. Tsy holdings fell to a two-year low in April,
according to the data published by U.S. Tsy Department.
- Japanese FinMin Aso said that U.S. and Chinese Presidents will likely meet
during the G20 summit.
- The rate has mostly traded within the CNH6.9000-6.9500 area for the last month
or so. Bulls look for a violation of the upper boundary of this range, which
would allow them to target the YtD high of CNH6.9625, touched on Jun 7. Below
the 21-DMA at CNH6.9289 would open the psychological level of CNH6.9000,
followed by CNH6.8951, which represents the 23.6% fibo retracement of the rally
onto the YtD peak.
- Chinese focus turns to new home prices, due at the bottom of the hour.

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