**As seenn in Macro Walk report 07/28/23, subscribe at cablefxm.co.uk/reports
The cross-asset correlation section in our Macro Walk report shows the differential in correlation coefficients pointing to a break-up in the yuan/volatility relationship
Dollar-yuan currently holds a strong long-term coefficient to volatility, rates and equities. While at unequal extents, relationships are breaking up in the short-term
USD/CNY 25-day correlation to a volatility benchmark is now near 0.0% and compares to the 100-day correlation of 76.5%
Earlier in the session, FX strategists at Société Générale said they're sticking to their year-end forecast of 7.4 yuans per dollar, this is about 200 pips higher from current spot levels
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