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Chinese assets have had a solid day with......>

CHINA: Chinese assets have had a solid day with USDCNH extending its drop
following yesterday's bearish break on the back of the relatively dovish Fed
minutes. The pair sits near daily lows at 6.7919 after a brief spike above
6.8200 early on gave way to a sharp move lower.
- The yuan is getting some help from rate markets with the 2-year swap gaining
3bps, shrugging off the move lower in the US curve. The short end is looking
particularly depressed relative to the long end and also relative to the recent
rise in US yields and Chinese stocks.
- Stocks have had a mixed day, recovering from early lows before giving back
gains in line with global trends.  

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