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Offshore yuan strengthened, capitalising on the greenback extending Monday's decline. USD/CNH is down 47 pips at 6.4788 after the rate rejected the 6.4950 level yesterday. Risk sentiment has struggled in China, the regulation crackdown continues to spook investors and has caused speculation over what could be next in the cross hairs though moves today have not been as extreme, the CSI 300 is down 0.3%. There were reports earlier that China considers steel export levies to tame domestic prices.
- The rate shrugged off the PBOC fix, which fell 7 pips below sell-side estimate.
- Data earlier showed China's industrial profits climbed 20% Y/Y in June from 36.4% previously, decelerating further as companies continued to suffer from higher raw material costs. Industrial profits have been on a downward trend since the start of the year as the low base effect subsides and higher input costs offset increased sales.