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Chinese markets are on the back foot after....>

CHINA
CHINA: Chinese markets are on the back foot after a return of risk appetite at
the open saw stocks surge before giving back gains. The CSI300 looks to have
posted a false break above the 3200 level which puts the equity recovery in
jeopardy. 
- USDCNH is back to broadly flat on the day after moving temporarily below the
Jan 11 low and the 200dma following the strong yuan fix. The pair is marginally
back above its 200dma last. 
- Rate markets have seen similar risk off moves with the 10 year bond futures
recovering 30 ticks from its low to keep uptrend support from the Sep lows
intact. 
- No major headlines appear to have sparked the midday reversal in risk
appetite. Attention will now turn to US-China trade talks ahead of PMI data
later in the week. 

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