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The yuan continues to trade within its...>

CHINA YUAN
CHINA YUAN: The yuan continues to trade within its tight range, receiving no
support from the surge in Chinese stocks and the rise in interest rate swaps. 
- USDCNH has also begun to diverge from USDTWD after trading in lockstep for
most of the year, with the latter trading at 6-week lows. The 21-day rolling
correlation between the two has fallen to just 0.08 from as high as 0.96 in
July. 
- TWD strength should support the yuan, but we continue to see underperformance
in real effective terms. 

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