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USD/CNH trades into a support zone.......>

CHINA YUAN
CHINA YUAN: USD/CNH trades into a support zone provided by a series of lows
registered through July when the rate was forming a base. Spot last seen at
CNH6.8673, almost unchanged on the day. Bears would be pleased by a drop through
the Jul 11/Friday's lows of CNH6.8613/6.8580, which would shift the focus to the
Jul 1 low of CNH6.8168. On the flip side, bulls look for a bounce above the
channel resistance at CNH6.8823, which would expose the CNH6.9 mark.
- The pair lost some ground on Friday as China's Q4 growth figures indicated
stabilisation, while monthly activity indicators mostly topped expectations.
- RTRS expects today's fixing of USD/CNY mid-point to come in at CNY6.8672.
- Analysts have been scrutinising the details of phase-one trade deal that China
struck with the U.S., highlighting a commitments of targets that China may
struggle to deliver on in time. Elsewhere, China's state planner revealed plans
to boost investment in infrastructure this year.
- The only release of note on China's docket this week is monthly LPR fixing,
due at the bottom of the hour. Elsewhere, Chinese Lunar New Year holidays begin
on Friday and last until next Thursday.
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