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Earlier reported risk-off flows seem.....>

CHINA YUAN
CHINA YUAN: Earlier reported risk-off flows seem to have weighed on the yuan,
with USD/CNY now touching the highest levels seen since March 2008. USD/CNY 100
pips higher on he day, while USD/CNH trades 170 pips or so better off, and
through the recent series of intraday highs. USD/CNH is still shy of its recent
peak, last CNH7.0840, with bulls targeting a move back above CNH7.1000 before
setting their sights higher.
- Worth noting that the moves have occurred even after the PBoC set the USD/CNY
mid-point a little below the RTRS median estimate, albeit still a touch higher
than yesterday's fixing.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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