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Broad risk off surrounding headlines of US....>

CHINA
CHINA: Broad risk off surrounding headlines of US proceeding with the
extradition of Huawei's CFO have outweighed any positive impact on markets from
the relatively strong GDP print. Real GDP growth came in at 1.0% q/q s.a. vs
expectations of 0.6%, while y/y growth hit 3.1%.
- News of new undeclared missile bases been discovered in North Korea may also
have tainted risk. 
- USDKRW has extended its break above down trendline resistance from the Oct
highs with bulls now targeting 1134.0 to establish a new high. 
- Rate markets have not helped the won's cause with 2 year swaps dropping 2.5bps
back below the 1.80% pivot level. The correlation between Korean and US short
term rates has risen lately and we expect the BOK to strike a neutral tone at
its upcoming Thursday meeting. 

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