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USD/CNH looks increasingly.................>

CHINA FX
CHINA FX: USD/CNH looks increasingly one-directional, with USD/CNH losses today
now nearing 1.5%. The pair has now broken through the 6.80 level to the downside
for the first time since Jul31 and now targets the 50-dma at 6.7396. Moves today
follow the resumption by the PBoC of the counter-cyclical factor in the CNY
fixing - effectively signalling that the PBoC are ready and willing to shore up
their currency should they see fit.

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