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Chinese stocks are reversing earlier gains....>

CHINA
CHINA: Chinese stocks are reversing earlier gains to trade at daily lows, with
the CSI300 losing its grip on the 3200 level to trade down ~1%. The HSI has also
failed to cling to gains above the 25000, triggering fresh losses. 
- The break higher in USDCNH, which has hit new cycle highs today and is closing
in on the key 7.0 level, is exacerbating bearish equity sentiment as
correlations spike. 
- Rate markets are holding up for now, with 2-year swaps flat on the day at
2.84%, but downside risks are rising as equities come under pressure. 

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