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Chinese assets continue to come under.........>

CHINA
CHINA: Chinese assets continue to come under pressure today, giving back most of
Friday's gains on US-China trade deal hopes, with weak services PMI offsetting
constructive comments by Xi regarding plans to cut import taxes. 
- The CSI300 has extended losses to ~2% following the break, while the HSI is
down 2.5%. 
- the resumption of equity losses is weighing on rate markets, with 2-year swaps
down 2.5bpsat 2.8650%, sending US-China spreads back to 24.3bps, within touching
distance of their cycle highs.
- USDCNH trades just off daily highs at 6.9100. Resistance comes in at Friday's
high and the 21-dma at 6.9305/20, above which would shift the focus back to
cycle highs and the key 7.0 level. 

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