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USDCNH is trading weaker as the yuan.....>

CHINA YUAN
CHINA YUAN: USDCNH is trading weaker as the yuan recovers from yesterday's
losses following the PBOC's stronger-than-expected fix. The pair trades at
6.8440, remaining shy of its Aug 24 high and just below its 21-dma.
- Thanks in part to the PBOC's new countercyclical management of the yuan, the
pair appears to be less susceptible to headline risk.
- The yuan is testing fresh all-time highs against the JPMorgan EM FX basket
following the collapse of riskier EM currencies. 

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