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Hong Kong stocks continue their weakness......>

CHINA: Hong Kong stocks continue their weakness taking the lead from US markets
which were undermined by hawkish comments from Fed Chair Powell. The HSI is
trading at 26750 shedding another ~1.0% to trade just ahead of the Sep 18 low. 
- A continued abrupt decline poses major upside risks to USDCNH. USDCNH has
taken out Tuesday's spike high at 6,9048 as the range high gives way and the Aug
15 high comes into focus. While the PBOC will we wary of any sharp spikes higher
in the pair, the yuan is actually appreciating in real effective terms due
largely to the weakness in the yen and euro. This suggests that policymakers
will likely be content to see USDCNH drift higher in a steady fashion. 

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