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Spot USD/CNH operates close to neutral levels, shrugging off China's monthly economic activity indicators. The PBoC fix was marginally stronger than expected and provided virtually no impetus. The rate last deals -10 pips at CNH6.9470.
- China's industrial output and retail sales missed expectations on a Y/Y basis, while property investment was better than forecast. The unemployment rate was steady at 5.7%, as expected.
- U.S. President Trump mentioned China during his latest presser, noting that he has a bad attitude towards the coutry. He refused to engage with Beijing on Tiktok and WeChat. Earlier, the U.S. labelled Chinese Conficius Institute U.S. Centre as foreign mission.
- Meanwhile, cross-Strait geopolitical tensions continue to escalate. China's military held live-fire drills in the Taiwan Strait, while the island announced a 10% boost to defence spending.
- Yesterday's low of CNH6.9276 provides the initial bearish target and a break here would open up Mar 9 low of CNH6.9049. On the flip side, bulls look to take out Aug 7 high of CNH6.9764 before targeting Jul 30 high/50-DMA at CNH7.0171/7.0204.
- The main point of note on China's docket next week is the monthly LPR fixing, slated for Thursday.