One of the more important global economic and market dynamics of this year is that USDCNH hasn’t flinched at pretty much any China related weakness. Whether it has been the tech crackdown, the real estate issues with Evergrande or just slowing growth, CNH has traded like Teflon. The question now is, in the absence of a bigger easing impulse from China, how long will this paradigm persist where USDCNH trades at around 6.40 in perpetuity?
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