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CHINA YUAN: USD/CNH last trades flat at CNH7.0716. The PBoC fix was roughly in
line with expectations, came in at CNY7.0454.
- The rate advanced 275 pips yesterday, propped up by greenback appreciation,
inspired by higher U.S. Tsy yields & relatively hawkish comments from Fed's
Rosengren. As a reminder, the central banker said that stronger signals of an
economic slowdown would be needed to warrant further easing from the Fed.
- On Monday, U.S. Commerce Sec Ross said that exemptions from a ban on doing
biz. with Huawei for U.S. companies will be extended by another 90 days. At the
same time, 46 Huawei subsidiaries were added to the Commerce Dep't's black list.
- Bears look for a fall below the ascending channel support at CNH7.0417. It
would clear the way to CNH7.0292, which represents the 23.6% fibo retracement of
the YtD rally. On the topside, the CNH7.1000 figure draws attention; above would
expose the upper 1.0% 10-DMA envelope/YtD peak at CNH7.1374/1400.
- The PBoC will set its new lending measure, the Loan Prime Rate, for the first
time today. BBG survey projects the LPR to be fixed at 4.24%. For more colour,
please refer to our China bullet at 01:35 BST 08/20.