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October 17, 2018 01:30 GMT
USDCNH continues to trade in.............>
CHINA YUAN
CHINA YUAN: USDCNH continues to trade in lackluster fashion around 6.9100,
showing very little reaction to the rally in global stocks.
- The recovery in Asian FX should act as a tailwind for the yuan but rate
spreads versus the US are still a headwind. Chinese 2-year rate swaps continue
to hover around the 2.90% level as the gap with the US widens.
- Given the wide 2-year spread, a rally in Chinese stocks will likely be needed
to trigger a sustained drop in USDCNH. Chinese stocks and rate expectations are
becoming increasingly positively correlated, so a recovery in stocks should
benefit rate expectations.
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