China Trade
there is an interesting dynamics playing out in RMB FX market, markets have been too strong on CNH whilst most recent CNY fixing was nearly 300 pips lower than CNH’s current market pricing.
with Chinese national teams not selling into the rally like how they used to do, make me wonder A-share and H-share/ADR are going to diverge in performance next few sessions simply due to FX impact and assumed all else equal.
more specially so, Shanghai and onshore markets overall ...

9/23 morning notes
The market gives me the vibe of “I don’t care, wait until who gets into White House, what congress looks like, then I will see (or panic).” For now, music is on. Every blip proves to be an opportunity to rotate/buy. The market is still having a post FOMC drifting effect.
The week kicked off on China stimulus hope as PBoC cuts rate, fueling speculation of officials are ramping up effort to revive with a planed Tuesday press briefi...