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The yuan has extended its recovery to....>

CHINA YUAN
CHINA YUAN: The yuan has extended its recovery to send USDCNH to fresh daily
lows at 6.8900 currently, with thee pair dropping 0.9% on the day. 
- The resumption of yuan strength follows the major rally in equity markets
which has seen A-shares add ~3% and H-shares at ~2.5%. 
- Rate markets are now virtually flat on the day after giving back sizeable
increases in yields seen at the open. This suggests that some element of the
equity rally could be put down to expectations of continued monetary easing as
well as thawing US-China trade relations. The key question for us is if an when
the equity recovery translates into expectations of tighter monetary policy. 

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