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Implied volatility in USDCNH plunged.....>

CHINA YUAN
CHINA YUAN: Implied volatility in USDCNH plunged today with 1-month vol dropping
4.2bps to one-month lows. The 30-day rolling correlation between USDCNH and
1-month USDCNY vol remains elevated at 0.79 after being as high as 0.96 two
weeks ago. This tight correlation bodes well for further declines in the yuan,
particularly given that the vol curve remains inverted, which has typically
pointed to turning points in the pair. 

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