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Chinese stocks have given back early gains....>

CHINA
CHINA: Chinese stocks have given back early gains with the tech-heavy Chinext
index at its daily lows (and fresh multi-year lows) just ahead of the 1200
level. The tech sector continues to underperform but the broader indices are
also struggling, with the Shanghai Composite consolidating below the 2600 level.
- The fact that mainland stocks continue to look weak despite the major stock
recovery seen in the US is putting further upside pressure on US-China rate
spreads, which is supporting USDCNH. 
- USDCNH trades at daily highs just north of 6.92.

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