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CHINA YUAN: USD/CNH slides under yesterday's lows as China decided to cut
additional tariffs on $75bn worth of U.S. imports by half, effective Feb 14.
Beijing said that it hopes to work with the U.S. towards the elimination of all
tariff hikes & boosting market confidence.
- The move comes against the backdrop of spreading coronavirus, which puts a
great strain on Chinese economy. Worth reminding that U.S. Agriculture Sec Sonny
Perdue said yesterday that the U.S. would have to be tolerant re: China's
ability to abide by phase-one trade deal, given the current situation. Is
China's decision part of some give & take?
- USD/CNH last seen at CNH6.9604, 150 pips worse off. Highlighted bearish
targets remain intact, but the rate is narrowing in on CNH6.9558/32, the 38.2%
retracement of the YtD range/Jan 29 low. To recap, a break here would open up
the 50% retracement of the YtD range at CNH6.9348.