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Chinese stocks are now flat on the day........>

CHINA
CHINA: Chinese stocks are now flat on the day after recovering heavy losses at
the open, keeping the recovery from the October lows intact. 
- A report from Financial News, a newspaper run by the PBOC, noted earlier that
the equity pledge risks of listed companies is being effectively resolved, as
the A-share market recovers after a government-led bailout.
- Despite the recovery in stocks, bond futures remain up 15 ticks on the day at
96.895, while cash yields remain at daily lows of 3.377%. 2-year swaps remain
glued to the 2.80% level, just ahead of up trendline support. 
- USDCNH has edged lower after finding some resistance at the 6.95 level in
early trading, with the pair settling around 6.9420. A spike in CDS spreads
presents the main upside risk to the pair based on historical correlations. 

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