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USDCNH continues to trade in a very tight.....>

CHINA: USDCNH continues to trade in a very tight range this week, currently at
6.8680, as trade-related headlines have had little impact on the pair. EURCNH
continues its broader advance as yesterday's early losses were recovered, while
GBPCNH managed to prevent a close below 9.0 to keep the rally intact. 
- Implied volatility continues to edge lower in line with the drop in realized
volatility, with the pair trading within 0.5% of its 21-dma for the entire
- Equity markets are showing some renewed strength this morning with the 55-dma
holding in the CSI300 to keep the focus on the 3400 level. A close above here
would likely trigger the next wave up in Chinese stocks, supporting the yuan. 

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