VIEW: Thursday saw ANZ note that they....>

CHINA YUAN: VIEW: Thursday saw ANZ note that they "expect the Chinese economy to

stay on a recovery path, coupled with a rebound in the yield spread of RMB over

USD as the Fed pursues aggressive easing. That said, we think geopolitics will

dominate economics. We see downside risk in RMB against USD. On CNH crosses, a

rebound in risk sentiment has boosted currencies in the crosses, in line with a

fall in the CFETS RMB index in April-May. Looking ahead, we are cautious. As

economic reality dawns, investor sentiment will likely weaken, reversing recent

gains of currencies in the crosses. On a relative basis, we expect CNH to trade

better, particularly against EUR, AUD and NZD. We also see modest upside in CNH

against GBP and JPY, while expecting broadly steady trading in CNH against its

regional peers (SGD and TWD)."