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USD/CNY: Pressure still up Danske Bank

The USD/CNY continues to handle upside pressure in accordance with analysts from Danske Bank. They explain that the difference between interest levels in China and the united states clearly favor the united states dollar.

Key Quotes:

USD/CNY has had another leg higher lately on a stronger USD and wider US-China spread.

Relative rates clearly towards higher USD/CNY. US money market rates now far above Chinese.

Stock markets weaker lately on global recession fears, more US restrictions on Chinese tech, continued property crisis and weaker CNY.

PMIs dropped back August, however the credit impulse continues to be robust. Retail sales surprised to the upside in August but remain weak. Confidence is low. The house sector continues to be in a deep crisis although stress among developers has eased somewhat lately.

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