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USDCNH has recovered from its lows but...>

CHINA YUAN
CHINA YUAN: USDCNH has recovered from its lows but is still trading weaker on
the day at 6.7500 amid broad-USD weakness following a de-escalation in trade
tensions between the US and EU. The 6.7000-6.7200 area marks key
resistance-turned-support following last week's break higher. 
- China swaps are also holding yesterday's gains, supporting yuan strength, with
the 1-year breaking out of its acute downtrend in line with price action at the
longer end of the curve. 1-year swaps trade at 2.84%, slightly down on the day
but clear of support at 2.80%. 

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