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USD/CNH has been offered and showed at a new weekly low, but now hovers above there, last -112 pips at CNH6.9920. Broader USD sales have applied pressure to the pair, with focus on month-end flows. The PBoC fix came and went, central USD/CNY mid-point was roughly in line with expectations. The main item on China's economic docket were official PMI readings. The m'fing gauge printed above estimates, while the services counterpart narrowly missed forecasts, with the redback showing a muted reaction to the release.
- Chinese President Xi Jinping delivered a speech at a Politburo meeting, pointing to a need to accelerate reforms aiming at stimulating domestic demand.
- The low of Jul 22 at CNH6.9643 provides the initial bearish target. The level coincides with the lower 3.0% Bollinger band, which adds to its significance. A break here would expose the CNH6.5 mark. Bulls look for a rebound above Jul 30 high of CNH7.0171, towards Jul 24 high/200-DMA at CNH7.0302/35.
- China's economic calendar next week is headlined by Caixin M'fing (Monday) and Services/Composite (Wednesday) PMIs, as well as trade balance (Friday).