Forex - China Flows: Yuan held onto losses on renewed trade worries


 03:55 (GMT) 04 Dec

  [Forex Flows]

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China Flows: Yuan held onto losses on renewed trade worries (0101-PXVM-C01)

Chinese yuan held onto losses after latest comments by Trump appeared to dampen hopes of a US-China trade deal before end of the year. Revived trade war fears continued to weigh on emerging market currencies on Wednesday. USD/CNH traded tightly around 7.0700 after Asian session started on Wednesday. 7.1000 level is now within reach, and next strong resistance is seen at 7.1124.
PBoC fixed mid-point at 7.0382 vs. previous close of 7.0610. USD/CNY gapped higher to open at 7.0750 and traded around opening levels thereafter. Onshore yuan continued to be under pressure from renewed trade war fears, eyes on resistance at 7.1000 for USD/CNY. 1Y NDFs traded tightly around 7.1400 after a surge yesterday.


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