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Chinese stocks have recovered..........>

CHINA STOCKS
CHINA STOCKS: Chinese stocks have recovered slightly from fresh multi-year lows
following the concerted efforts from the PBOC, the banking and insurance
regulator, and securities regulator to instill calm amid a potential downward
spiral caused by share-pledge risks. 
- The CSI300 is still down on the day, but is clawing back losses and remains
clear of the key 3000 level. The Chinext has responded well to officials'
comments, recovering the 1200 level after opening below it. The HSI is looking
to recover the 25200 level after breaking below earlier, with a close above here
needed to suggest the bounce has legs. 
- The equity decline continues to shift the PBOC's hand towards more liquidity
easing, which should keep USDCNH bid. 

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