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USDCNH has managed to edge back below....>

CHINA YUAN
CHINA YUAN: USDCNH has managed to edge back below 6.84 in early trading,
currently at 6.8350. Prices continue to hover around the 21-dma with bears
needing a break below 6.8200 to shift the momentum lower and suggest a topping
pattern is in play. 
- The pair has been largely immune from the latest round of EM FX weakness,
which has seen the yuan rally to its strongest ever level vs the JP Morgan EM FX
index. 
- The recovery in rate expectations partly underpins the relative strength, with
the 2-year swap widening its gap over the US, trading at 2.93% currently. The
55-dma appears to be giving way suggesting that further gains lie ahead. 

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