EFTA Document EFTA01387378

9 January 2018 FX Blueprint Theme #3: Sinothetimes - sell tiro USD/CNI-i DE Chinese FX policy moves between different regimes, and trading the RMB is a lot about reading signals of regime change. We saw three policy phases in 2017. First, from Jan-May, tough capital controls compressed realized vol and flattened USD/CNY. Second, over June-August, a new fixing methodology forced greater participation in USD weakness, and a sharp down-move in the pair. And third, in September, a loosening