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USDCNH has recovered some of.............>

CHINA YUAN
CHINA YUAN: USDCNH has recovered some of yesterday's losses that followed
reports that the US Treasury Department's staff has advised Secretary Steven
Mnuchin that China is not manipulating the yuan.
- The pair is testing the 6.90 level once again after losses failed to extend to
the 55-dma that has supported prices over recent months. 
- The US-China 2-year interest rate swap spread has risen back to 16.3bps, just
shy of Tuesday's multi-year high, suggesting that the rate picture does not
support continued yuan appreciation. 

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