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USDCNH is a touch lower this morning.....>

CHINA YUAN: USDCNH is a touch lower this morning at 6.6540, boosted by
broad-based USD weakness on Friday following the US jobs report. 
- Chinese June reserve data came out slightly higher than estimated at $3.1121T
vs EST. $3.1018T. July's figures are likely to be more closely anticipated given
that intervention was widely touted in early July as USDCNH breeched 6.7000.
- China's declining reserve picture reflects the country's diminishing external
strength, with import cover down at decade lows. While still solid, the days of
high reserves meaning that the PBOC could prevent any weakness in the yuan
appear to be over.

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