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Yuan Gains, Support In Sight

CNH

Offshore yuan is stronger, USD/CNH around 18 pips lower, the pair is hovering around yesterday's session lows after staging a brief recovery in the initial stages of the session. Last trades at 6.5419, if the pair broke 6.54 it would be the lowest since Feb 25.

  • There were reports during the US session yesterday that Chinese Premier Li was keen to establish cooperation with the US, and that decouple would not benefit either side. In a development that could stoke tensions, Ex-U.S. Senator Christopher Dodd and two former deputy secretaries of state, Richard Armitage and James Steinberg, will meet with Taiwan President Tsai Ing-wen during a visit April 14-16 according to United Daily News. At the same time U.S. special climate envoy John Kerry is set to arrive in Shanghai on Wednesday for three days of meetings with senior Chinese officials overseeing climate and foreign policy
  • The PBOC fixed USD/CNY at 6.5362, 2 pips lower than sell side estimates and the sixth lower fix in a row, indicating a willingness to let the yuan strengthen.
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