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Hedging trade volumes slightly lighter......>

OPTIONS
OPTIONS: Hedging trade volumes slightly lighter today, but USD/CNY volumes
edging above average ($6bln vs. $4.1bln average at this time of day) after
USD/CNH comfortably fell below yesterday's low. Despite this, the put/call ratio
at 0.43 today seems to suggest that traders are taking the opportunity to buy
USD/CNY upside exposure on the pullback, with sizeable USD/CNY call trades being
placed with relatively tight expiries. Strike prices range from Cny6.7500 to
6.9450 - clearly some options buyers are gearing for USD/CNY's rally to be far
from over.

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