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USDCNH is trading just off its daily.....>

CHINA YUAN: USDCNH is trading just off its daily lows at 6.9184 as the yuan has
recovered in part due to to stability returning to the equity market. 
- 2-year interest rate swap spreads continue to head in the USD's favour though
suggesting the uptrend in USDCNH will remain intact. The 2-year US-China spread
currently sits at a fresh high of 17.97bps. 
- EURCNH remains below the key 8.0 level which keeps the potential for a bearish
reversal in play.
- With safe haven buying returning to the yen, CNHJPY has broken back below
support at 16.40, although the pair is off its lows as bulls look to reclaim
this level. 

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