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Unwinding Some Of Tuesday's Gain, China To World Equity Ratio Trend Moving Lower

CNH

CNH is unwinding part of Tuesday's gain in the first part of Wednesday trade. USD/CNH was last near 7.1370, close to session highs. Note we opened near 7.1200. This is a CNH loss of just over 0.20% versus Tuesday NY closing levels. Yesterday's highs were above 7.1500, so we are still some distance from these levels.

  • Broader USD sentiment has stabilized somewhat, with the BBDXY slightly above Tuesday closing levels (last 1223.60).
  • Onshore equities are also struggling for positive territory. CSI 300 losses were last at a modest 0.25%, but China equities have been absent from the global rally in recent months.
  • The ratio of China equities has been in a downtrend since late October.
  • As widely expected, the 1yr and 5yr LPRs were held steady earlier.
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