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There's been a decent move lower in........>

CHINA FX
CHINA FX: There's been a decent move lower in USD/CNY risk reversals today, with
vols now moving the most in favour of USD/CNY puts since early May, in what
looks like the biggest one-day move in vols of the year so far (this is repeated
across the whole vol structure). Move is mirrored in the generic 1m implied
contract also, which has dumped to just above 3 vol points - the lowest since
mid-2017.
The move contrasts with minimal movement in CNY/CNH spot, with reports overnight
suggesting Trump and Xi are at loggerheads and there's unlikely to be any
progress on trade talks for the better or worse in the short-term, as Trump
refocuses on domestic, rather than international, issues.

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