FxWirePro: Chinese yuan remains volatile on exim tariff updates from finance ministry, PBOC sets yuan mid-point at 6.9006

• USD/CNY is currently trading around 6.8985 marks.
   
• It made intraday high at 6.9117 and low at 6.8974 levels.
   
• Intraday bias remains slightly bearish for the moment.
   
• A sustained close above 6.9075 marks will test key resistances at 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
   
• Alternatively, a daily close below 6.8833 will drag the parity down towards key supports at 6.8720, 6.8525, 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.9006 / dlr vs last close 6.9070.
   
• China finance ministry - Will adjust import and export tariffs on some products from Jan 1, 2019.
   
• China finance ministry - Will further cut most favourable country tariffs on 298 information technology products from July 1, 2019.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.