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USDCNH trades 6.7800 after the pair......>

CHINA YUAN: USDCNH trades 6.7800 after the pair saw a false break above
Tuesday's high in NY trading keeping the near-term outlook neutral. A potential
bear flag is developing with uptrend support coming in at 6.7565. A break below
here would signal a resumption of the bearish trend. Worth noting the recent
sharp rise in CNY risk reversals over the past week off multi year lows.
- The yuan got a boost from a WSJ report that Trump administration officials are
considering measures to roll back tariffs on Chinese products in order to calm
financial markets, although the Treasury Department quickly denied it. 
- China-US interest rate swap spreads remain near 4 month highs as the PBOC
continues to guide interbank rates lower, but this is showing little sign of
weighing on the yuan for now. 

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