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USDCNH continues to trade higher than....>

CHINA YUAN
CHINA YUAN: USDCNH continues to trade higher than USDCNY, and has closed above
it for the past 20 consecutive days, the longest streak since October 2016.
This, combined with the still-elevated level of implied option volatility on
USDCNH, suggests widespread market expectations of further yuan weakness.
- The euro's recent strength is another supportive factor for the yuan, with
EURCNH trading at four-month lows and likely providing some support to China's
export competitiveness.
- A break below 6.6670 in USDCNH would potentially trigger an unwinding of
crowded long position. 

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