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USDCNH trades broadly flat just below....>

CHINA YUAN
CHINA YUAN: USDCNH trades broadly flat just below 6.80 after yesterday's failure
to break back above 6.81 keeps the near term focus on the downside and on the
6.78 area. EURCNH broke a key support level yesterday at 7.70, cementing a break
of neckline support going back to Aug 2018. 
- The yuan largely shrugged off comments yesterday by US Commerce Secretary
Wilbur Ross who noted the two economies are a long way from resolving their
differences and that the outcome will hinge on whether Beijing will deepen
economic reforms and further open up its markets.
- Rate markets are showing signs of upside potential with the 2 year swap
breaking above its 21-dma today, up 2bps. A close above 2.60% would mark a
bullish break, adding support to the yuan.
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