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USDCNH remains north of the 6.92.........>

CHINA YUAN
CHINA YUAN: USDCNH remains north of the 6.92 level, currently trading at 6.9239,
but bulls have been unable to mount a successful break above the 21-dma which
comes in at 6.9326. Above here would suggest a resumption of the broader bullish
trend towards 7.0 and beyond. 
- The yuan has underperformed following the US midterm election results with
fears rising that Trump could increase pressure on China as his domestic policy
agenda faces growing obstacles. 
- US-China yield spreads continue to hit new cycle highs, with the 2-year swap
spread now testing 30bps, keeping USDCNH under upside pressure as the monetary
policy divergence continues. 

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