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Offshore Yuan Gains Most In 8 Weeks


Offshore yuan rose on Wednesday, posting its best day in eight weeks amid a fall in the greenback and a resurgence in risk assets. USD/CNH fell through the session from around 6.49 to intraday lows of 6.4614. Last trading up 8 pips at 6.4653. Implied volatility has risen in the past few session, jumping from six-month lows earlier this week and approaching the 50-DMA, last at 4.6875 while one-month 25 delta risk reversals are brushing up against the 100-DMA last at 0.3175.

  • On the geopolitical front US Deputy Secretary of State Sherman will travel to China on Sunday to meet with Chinese officials including State Councilor and Foreign Minister Wang Yi, the meetings will take place over July 25 and 26. There were reports earlier this week that Sherman had cancelled her visit as the meetings she had been offered were not with her counterparts in China. The US State Department said "The Deputy Secretary will discuss areas where we have serious concerns about PRC actions, as well as areas where our interests align".

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