USD/CNY neutral bias between 6.4500-6.5200 - BTMU

Analysts at Bank of Tokyo Mitsubishi noted that USD/CNY is in the same range as last week.

Key Quotes:

"We're probably still leaning a bit bid, in case the OPEC meeting finishes inconclusively and brings on a bit of risk-off.

Position-taking in markets, onshore and offshore, seem tentative and very short-term."

"We probably also think the view that China has recovered may be a little ahead of itself.

Whatever growth figure is reported, recent acknowledgements of fudging on numbers (from particularly the Rust Belt Northeast) may not leave anyone satisfied.

We noticed the biggest jump in the NBS's leading indicator in years, but this agency also decided to no longer report January #s for that tracker."