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

CHINA YUAN
CHINA YUAN: USDCNH is trading off its daily lows at 6.7690 but still holding
early gains following the slightly lower yuan fix. The pair is showing some
reversal potential with the trigger coming last Friday from suspected state
intervention but widespread yuan bearishness creating conditions for the
reversal. 
- Bears will need a move below the 6.7300-6.7365 range to give them the upper
hand and suggest that 5-wave move higher in the pair since March has run its
course for now. 
- The fundamental picture remains bullish, though, as the PBOC increasingly errs
on the side of monetary accommodation over deleveraging, with 1-year swaps
falling back down to 2.80% today, maintaining their broad downtrend. 

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