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USDCNH is off its highs, currently at......>

CHINA FX
CHINA FX: USDCNH is off its highs, currently at 6.7150, but continues to look
bullish with the June 3 high increasingly at risk. The strength seen from July 3
to July 10 appears to have been corrective, with the primary trend for further
dollar strength. 
- The yuan's real effective exchange rate has continued its steady decline, in
line with the view we put out last week noting that the yuan's decline relative
to its peers has not been large enough to significantly boost competitiveness.
The JP Morgan real effective exchange rate is currently at its lowest level
since August 2017 and is approaching neckline support going back to 2014. 

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