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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessUSD/CNH slides under yesterday's lows....>
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.
To read the full story
Sign up now for free trial access to this content.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.