VIEW: Nordea have noted that "The CNY....>

CHINA YUAN: VIEW: Nordea have noted that "The CNY will likely keep its current

level against the USD in the near term. Three parameters play a role in its

future directions: the pace of the growth recovery, the annual parliamentary

assembly and renewed US-China tensions. The CNY is weighed down by downside

risks for the rest of 2020, including the likelihood of more China bashing from

Washington, a second wave of the coronavirus and a gloomy growth outlook. The

PBoC is determined to prevent a sharp depreciation and minimise volatility. On

the back of our EUR/CNY forecasts, we recommend a high hedge ratio for CNY

revenues using FX forwards and a low hedge ratio for CNY expenses."