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Friday FX options trading caps off a........>

OPTIONS
OPTIONS: Friday FX options trading caps off a strong week for USD/CNY hedging
volumes, which again well exceed the average total notional of trades you'd
expect to see at this point of the session. Over $6.5bln of USD/CNY have been
bought so far today vs. the $3.5bln average.
USD/CNY put/call ratio has a minor call bias at 0.82, certainly the theme for
the week. 7.20 USD/CNY calls remain in demand, which some of the largest trades
of the session going through (many >$250mln), but call strikes at 7.00 have also
been popular. USD/CNY risk reversals are yet to retrace in any meaningful
manner, remaining elevated above 1 vol point for the fifth session.

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