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USDCNH is trading at its daily lows......>

CHINA YUAN
CHINA YUAN: USDCNH is trading at its daily lows and remains below its 200-dma
with the pair last at 6.7642. The yuan is benefitting from broad based dollar
weakness, as yuan crosses have actually given back some gains. EURCNH sits just
below down trendline resistance following today's early euro gains. 
- USDCNY implied vol has fallen sharply lately in line with the drop in realised
volatility. 
- Positive headlines regarding US-China trade with both sides sending signals
they may reach a deal or extend talks to end their trade war, have mainly been
reflected in the recovery in US stocks, with the yuan relatively muted in
comparison. 
- The strong rebound in money and credit growth seen in Friday's report shows
that the PBOC's easing policies are working, and while this may help support a
cyclical economic recovery, the yuan is likely to be a longer term victim of
ongoing easing.
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