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USDCNH has broken lower to a two week......>

CHINA FX
CHINA FX: USDCNH has broken lower to a two week low of 6.6070 currently as it
benefits from a global EM bounce from oversold territory. 6.6000 has held on the
downside and break of this level would imply further reversal potential for the
pair. A move back above 6.6250 initially and then 6.6500 would be needed to
shift the focus back towards the broader uptrend.
- A PBOC advisor has noted today that China is confident of yuan stability, and
sees room for further liquidity injections. This is likely MT bearish for the
yuan as it shows yet further evidence of a dovish tilt in monetary policy,
especially relative to the US. 

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