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USD/CNH last trades at CNH6.9327, ~70....>

CHINA YUAN
CHINA YUAN: USD/CNH last trades at CNH6.9327, ~70 pips lower on the day. The
rate has been weighed on by a slightly stronger than exp. PBoC fix, as well as a
WSJ report stating that "Google halts plans to cut access to some features on
Huawei phones as the U.S. grants temporary exemptions to its blacklist against
the Chinese firm."
- Also worth noting that Huawei founder Ren said that the U.S. underestimates
the company's strength, a message repeated in Chinese state media recently.
- Yesterday's Asia-Pac session saw the rate slide into the Tokyo fix on the back
of a slightly stronger than exp. fix from the PBoC and recent comments re:
possible yuan depreciation past CNH7.0000/USD from Chinese policymakers & state
media. USD/CNH recovered the bulk of its initial losses, but still finished 93
pips worse off.
- The 2018 high of CNH6.9805 remains in focus and a break above the level would
fuel the recent concerns that the rate may breach CNH7.0000. Bears look for a
dip below the 23.6% fibo retracement of the move from CNH6.6764 to CNH6.9514,
located at CNH 6.8865.
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