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Chinese stocks are giving back some of........>

CHINA
CHINA: Chinese stocks are giving back some of their gains as USDCNH breaks above
its recent range high to trade at 6.8750 and 2-year swaps edge back from their
highs to trade at 3.01%. 
- China-US 2-year yield spreads are trading on par and the two markets have
resumed their positive correlation. The 21-day correlation has risen to 0.91
after being deeply negative last month. The reaction of Chinese rate markets to
the Fed's upcoming decision will be telling and traders will look to any
indication as to weather the PBOC will look to keep the rate spread stable. 

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