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CHINA YUAN
CHINA YUAN: USDCNH has edged down a touch following the PBOC's slightly stronger
yuan fix, but the pair remains within yesterday's trading range, which itself
was confined to Friday's range. The 50-dma remains key resistance, below which
keeps the yuan's slight recovery intact. 
- US-China 2year yield spreads edged sharply lower yesterday and now sits at its
lowest level since September at just 1.8bps, providing some support to the yuan.
- Yuan volatility has collapsed over recent days as has implied volatility, with
global equity pressures failing to materially impact the pair. The ongoing
decline in oil prices is tipping the balance in favour of yuan outperformance,
but we do not expect a major move any time soon. 

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