• RGI rose 2.3% m/m in January, the fastest gain in eight months; index shows steady momentum
• We see upside risk to USD-CNY in the near term; band widening is unlikely until at least H2-2015
• Shanghai FTZ spearheads capital account liberalisati...
• The seasonal upturn in Hong Kong FX options is having a bigger impact on the CNH than on the HKD
• The USD-CNH implied volatility decline comes amid rising realised volatility and policy uncertainty
• Leveraged accounts should buy USD-CNH option...
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