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CHINA FX: CNY weakened materially at the open, with USD/CNY opening well above
the 100-dma at 6.7694 (for the first time since December) as Trump's trade
sabre-rattling unsettled Asia-Pac investors, which sold Chinese equities at the
fastest rate since 2016. USD/CNH rallied to touch 6.8218 shortly following the
open and has pulled lower slightly since, but CNH continues to nurse significant
losses. News that Chinese authorities had called in the 'national team' of
investors to help stabilise prices appears to have soothed volatility somewhat,
but a recovery remains out of reach for now.
-CNY options markets have taken note. USD/CNY 1m risk reversals have been bid
from the off, rising to touch the highest levels of the year (in favour of
USD/CNY calls), with implied vols also suitably bid.
-Attention turns to any formal delay of trade talks between Chinese and US trade
teams, with Bloomberg reporting that China are said to be mulling a formal