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Despite being relatively unscathed.......>

CHINA YUAN: Despite being relatively unscathed amid the flash crash in yen
crosses, USDCNH has broken back above short term down trendline resistance from
the Dec 21 high, with the pair last at 6.8881. This shift the near-term outlook
bullish with the 6.92 level in focus which holds the 55-dma and the Dec 21
- The PBOC's latest adjustment to its calculations for banks' reserve
requirement ratios may release up to 400 billion yuan of liquidity, CICC said in
a note.
- Despite this, 2-year rate swaps are up marginally on the day, shrugging off
global pressures to provide some fundamental support to the yuan. 
- Caixin Services PMI reading will be released tomorrow which follows
yesterday's weak manufacturing figure showing the figure had dropped back below

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