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USDCNH was unable to sustain gains.......>

CHINA YUAN
CHINA YUAN: USDCNH was unable to sustain gains above 6.95 yesterday despite
several attempts, and the level remains intact for now as the pair trades at
6.9430. 
- The yuan is caught between the growing nominal and real interest rate gap
between the US and China on the one hand, and a recovery in Chinese equities
relative to the US on the other.
- Recent measures to support the stock market and economy suggest authorities
are tilting increasingly towards short-term stability at the expense of its
reform agenda, which may provide some near-term support to the yuan if stocks
continue their rally, but should ultimately be yuan negative. 

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