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The yuan is acting as something of a.....>

CHINA YUAN
CHINA YUAN: The yuan is acting as something of a safe haven today amid the EM
carnage, with USDCNH trading at 6.8580, below Tuesday's highs. 
- While two-year interest rate swaps have fallen back from their daily highs of
2.92% to trade at 2.86%, they remain up on the day, and the rise does not seem
to be driven by higher CDS spreads as is the case of much of the EM universe. 
- This is supportive the the yuan given upside pressure on EM CDS spreads and
downside pressure on DM bond yields. 

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