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Chinese Industrial Production growth slowed again in July, moving down to +14.7% year over year growth versus +16% in June. The Chinese currency continues to be better for sale as of late, and this is a new path.

Given that consensus is that the Chinese slowdown is driven by the timing of the Olympics, the simple question to ask here is whether this new data point is an immediate "Trade" or a developing intermediate "Trend"?

Andrew Barber put together both short term and intermediate term charts of the Yuan versus the US Dollar and the Euro below.

KM