Asian currencies failed to take advantage of the late year decline in the dollar. The reason looks to be one of primarily poor Chinese growth and a renminbi which looks to hover at soft levels, while authorities look for levers to reflate the economy. • Over the last month, the Chinese yuan has been at the mid-point of performance for APAC currencies, and is roughly unchanged, after trading in a range between about 7.10 and 7.20. • The economic picture is also roughly unchanged. There is modest growth, concentrated in household spending, and a little growth in manufacturing, but the real estate sector and anything ... (full story)