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USDCNH is trading in line with Friday's.......>

CHINA
CHINA: USDCNH is trading in line with Friday's close, back below the 6.96 level
as the short-term uptrend comes under downside pressure but remains intact for
now. 
- Chinese stocks have given back their opening gains but remain within recent
ranges with Beijing's reiteration for banks to avoid liquidation of pledged
shares having little impact.
- China's 2-year swaps are up 2.5bps to 2.84%, providing some downside to the
US-China rate spread, which currently sits at 20.2bps, down from a peak of 24.1
earlier this month. 
- Industrial profit growth in September slowed for a fifth month according to
data released by the NBS Saturday, rising 4.1% y/y down from 9.2% growth in
August. PMI data out on Wednesday and Thursday should give more insight into the
extent of the economic slowdown. 

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