YCL - China Raises Reserve Requirement For FX Stemming The Yuan's Rise

• The dollar is little changed against the major currencies.
• Gold is holding above $1900, while oil is firm, and July WTI is extending last week's 4.3% rally as it tries to solidify a foothold above $67 ahead of tomorrow's OPEC+ meeting.
• Japan has extended the formal emergency to June 20, with Opening Ceremonies for the Olympics scheduled for July 23.
• The disappointing US April employment report underscores the importance of this week's May estimate.
• A series of comments by Chinese officials appeared to talk the yuan lower, emphasizing that the recent gains were unlikely to last due to speculation, potential Fed tightening, and or rate adjustments in the emerging markets.

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