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USDCNH has seen some downside............>

CHINA YUAN
CHINA YUAN: USDCNH has seen some downside following the PBOC fix, with the pair
dropping back down to 6.97 after trading at fresh multi-years highs up at 6.9788
beforehand thanks in part to misses in manufacturing and non-manufacturing PMI. 
- Bearish reversal potential would strengthen on a close below 6.97, but we have
not seen the usual spike in implied volatility that usually comes at short-term
peaks in USDCNH, suggesting the uptrend has further to run, particularly with
US-China rate spreads remaining near cycle highs. 

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