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USDCNH has swung between 6.9450 and......>

CHINA YUAN
CHINA YUAN: USDCNH has swung between 6.9450 and 6.8350 today as the relatively
wide trading range set yesterday remains intact. A break below this range would
allow a test of the 50-dma which comes in at 6.9248, below which would provide a
bearish signal.  
- The drop in oil prices is providing a boost to China's terms of trade and we
have already started to see some upside movement in the ADXY as the KRW, THB,
and TWD - all heavily reliant on energy imports - strengthen.
- While near-term moves are likely to be determined by headlines surrounding the
G20 summit, the recovery in regional FX provides a supportive tailwind for the
yuan. 

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