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USDCNH trades just off daily lows,.......>

CHINA YUAN
CHINA YUAN: USDCNH trades just off daily lows, down 0.1% from its highs as the
dollar gives back some gains generally. The pair trades at 6.9445, remaining
below down trendline resistance from the Nov 1 high which keeps the near-term
outlook neutral. 
- Recent yuan stability has seen EURCNH resume its decline as the pair was
unable to recover the 7.9 level yesterday and remains below it today. 
- US-China interest rate swap spreads continue to trade in a tight range,
currently at 19.3bps giving little insight into the next move in USDCNH.
- The drop in oil prices has provided a much larger boost to China's terms of
trade compared with the US.

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