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It has been a quiet day for Chinese assets....>

CHINA
CHINA: It has been a quiet day for Chinese assets with USDCNH and stocks both
edging marginally lower amid a drop in volatility. Yesterday's headlines
regarding planned US-China trade talks for January have failed to have any major
impact as the focus shifts squarely on the US FOMC later today. 
- 2year interest rate swaps have tracked the US lower in recent days, dropping
back below the 2.8% level yesterday, but this has not stopped US-China spreads
dropping to near three month lows at 1.4bps. The drop in oil prices continues to
support China's terms of trade, providing fundamental support to the yuan. 

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