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CHINA YUAN: USDCNH trades at 6.8785, little changed following the PBOC fix,
which came in at 6.8509. USDCNH is trading at the high side of its recent range,
with a firm close above 6.880 needed to extend the broader bullish trend.
- 2-year swap spreads between China and the US have once again fallen back down
to zero as Chinese swap rates have edged back down from the 3.0% level to trade
at 2.9550% today. This has seen the 21-day rolling correlation between the yuan
and China's 2-year interest rate swaps fall further into negative territory.
- EURCNH was unable to sustain a move above 8.0 last week, but is testing this
level again today.
- It is a quiet day, and indeed week, for Chinese data, with the pair likely to
remain susceptible to news surrounding US-China trade relations.