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USD/CNH bulls attack 7.1700 on mixed China data, geopolitical concerns
USD/CNH renews its intraday high near 7.1720 after China fails to defy the market’s downbeat concerns with its mixed data published early Monday. Also fueling the offshore Chinese Yuan (CNH) pair could be the US Dollar’s corrective bounce amid downbeat sentiment, as well as the People’s Bank of China’s (PBoC) defense of the Medium-term Lending Facility (MLF) rates. China’s second quarter (Q2) 2023 Gross Domestic Product (GDP) came in at 0.8% QoQ versus 0.5% market forecasts and 2.2% prior whereas the GDP YoY figures rose past the previous readings of 4.5% to 6.3%, versus analysts’ estimations of 7.3%. ... (full story)