​We recommend watching closely the CNY, because it started to depreciate against the USD again. So far commodity prices and demand are holding up, which causes markets to remain calmer than in previous episodes of CNY weakness. However, we estimate that there is limited room for the USD to strengthen, before deflationary risk gets priced into risky assets again. Therefore, we exit the equity positions in Eurozone and India and remain short in China and South Africa.
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