USDJPY initially declined to 140.25 before recovering to close at 141.41 in New York and trading around 141.20 this morning in Asia. The renminbi strengthened as USDCNH dropped by 0.5% to 7.1183, boosted by Chinese exporters repatriating revenues and increased northbound flows into A shares. Both Hong Kong and mainland stocks had a widespread rally, with the Hang Seng Index surging 2.5% to settle at 17,044, and the CSI300 gaining 2.3% to reach 3,415. Meanwhile, key US indices had minimal movements, with the S&P 500 ticking up by less than 2 points to 4,783, and the Nasdaq 100 sliding 0.1% to 16,898. {table} US ... (full story)