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USDCNH has seen a sizeable down move.....>

CHINA YUAN
CHINA YUAN: USDCNH has seen a sizeable down move following the PBOC fix, with
the pair dipping below 6.97 briefly, after trading above 6.98 earlier today. The
uptrend remains intact but momentum is waning.
- The trade-weighted yuan has actually seen a slight rise over the past two
weeks thanks largely to the drop in the euro.
- The gradual recovery in Chinese stocks is a positive force for the yuan, but
US-China interest rate spreads continue to hit new highs, keeping upside
pressure on the pair. 
- Markets await the Caixin due in 25 mins, with expectations set at 50. 

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