USD/CNH is just off session lows. We got just under 7.2540, which is around 250pips below earlier session highs near 7.2800. There are no obvious headline drivers for this move, and we are now recovering back above 7.2600. The move has also compressed the USD/CNH-USD/CNY spread somewhat. We were close to +400pips at the end of yesterday's session, but we are now back to +150/200pips.

• Onshore USD/CNY spot got close to 7.2500 in early trade but is now back to the low 7.2400 region. Note onshore spot hasn’t made fresh cyclical highs yet, remaining below levels seen on September 28th.