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USDCNH trades just off its daily lows of......>

CHINA
CHINA: USDCNH trades just off its daily lows of 6.9194, last at 6.9248 as some
support it found ahead of the 50-dma which has capped losses over recent months.
- The correlation between the yuan and Chinese stocks has broken down over the
past few days after peaking earlier this month, while the equity-rate
correlation has actually turned negative, suggesting expectations of monetary
easing are supporting stocks. 
- Stocks are broadly flat with the CSI300 holding just above the 3200 level for
now and the coming off its daily highs to trade at 25900. 
- 2-year swaps are holding above the 2.8% level, last at 2.8200%, with uptrend
support from the Oct lows remaining intact.   

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