USDCNH: Could China's Volatility Outbreak Foreshadow Something More Sinister?

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As we noted earlier today, it's been a particularly volatile day for global markets, highlighted by, among other developments, the biggest drop in Chinese stocks in over five years. The Shanghai composite index fell 5.4% to close at 2,856 on massive volume of 1.24T yuan ($200B USD). There are a



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