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CHINA YUAN: USD/CNH purchases have eased and the spot has given away its earlier
gains. It last sits at CNH7.0766, virtually unchanged on the day. The pair
earlier topped out at CNH7.0877 after the PBoC cut the rate applied to its
14-day reverse repos by 20bp.
- PBoC Gov Yi spoke at the Lujiazui Forum, noting that China's aggregate
financing is expected to top CNY30tn this year, with new yuan loans expected to
near CNY20tn. He said that the yuan is attractive to global investors and
praised China's sound economic fundamentals.
- China's top diplomat met with U.S. Sec of State Pompeo in Hawaii, but there
has been little in the way of substance coming out of these talks. Elsewhere,
U.S. Pres Trump signed legislation targeting Chinese off'ls responsible for
repressions of the Muslim minority in China.
- Finally, China's & Beijing's Covid-19 case counts moderated, per the latest
update, but remain a source of worry.
- A break above Jun 15 high/50-DMA at CNH7.0974/7.1010 would open Jun 4 high of
CNH7.1337. Bears look to a fall towards Jun 10 low of CNH7.0401.