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- Interestingly, while the US Dollar has been appreciating sharply against DM and some EM currencies (CEEMEA and Latam) in recent weeks, it has remained 'flat' against Asian currencies.
- The chart below shows the significant divergence between the DXY index and the ADXY index recently.
- We have seen recently that demand for the Chinese yuan (significant share of ADXY) has been strong in the past few months mostly driven by the sharp divergence in balance sheet assets differential between PBoC and the G10 central banks.
- With USD liquidity expected to continue to rise in the short term (Fed tapering expected to last until mid-2022), support for the Yuan could continue to remain strong.