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Some thoughts from NatWest Markets on......>

CHINA FX
CHINA FX: Some thoughts from NatWest Markets on the volatility in China FX:
-The PBoC may use the fixings, capital controls and possibly some off-balance
sheet transactions to manage the CNY but will likely not run down FX reserves as
they did in 2015-2016.
-There has been some speculation that the PBoC has been used FX swaps with local
banks to help deter onshore USD buying and may increase such operations. 
-NatWest Markets see the panic blow up in vols as unsustainable and recommend
being an opportunistic seller of the curve and the surface once the dust
settles.

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