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CHINA YUAN: The drop in USDCNH yesterday extended below 6.9400 in early Asian
trading but found some support at the Nov 7 highs, keeping the broader bullish
trend intact. The pair trades at 6.9458 following the PBOC fix, with bulls
looking for a break back above 6.9600 to return the near-term focus to the
- The yuan's recovery has been relatively muted compared with the rise in local
stocks, which are back trading at range highs.
- The failure of the equity rally to lift rate expectations largely explains the
yuan's subdued recovery. 2-year swaps are down another 2bps today at 2.7950%,
sending the US-China spread back to recent highs, currently at 29.7bps.