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USDCNH has broken to fresh weekly........>

CHINA YUAN
CHINA YUAN: USDCNH has broken to fresh weekly highs with the pair last at 6.7940
as focus turns to the Jan 22 high at 6.8188. Above here would suggest a
resumption of the longer term uptrend. 
- While the yuan continues to largely track broad dollar moves, it has seen some
slight underperformance versus vs the euro and won in the Asia session likely in
response to the news that President Trump will not be meeting Chinese President
Xi before a March 1 deadline to avert higher U.S. tariffs on Chinese goods.
- The spread between the 12 month NDF outright and USDCNH continues to narrow as
fears over yuan weakness subside. Considering that the spread has widened prior
to short term peaks in USDCNH, recent narrowing may warn of complacency as was
the case the last time the spread was at current levels back in 2014, creating
upside risks for the pair.
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