Markets have been focused on three major issues today: the PBoC widening the daily trading band to 2%, the record outflow of US treasuries from the Fed's custody and the potential economic impact if Vladimir Putin formally authorises the inclusion of Crimea into Russia. Logic would suggest the last two issues are related, and news flow has speculated that the $104.5 billion fall in foreign holdings of US treasuries held with the Fed is actually Russia transferring its position to a closer, third party custodian in case of action from the US authorities. Naturally we don't actually know who transferred their holdings, but if it was Russia then it makes sense to take this proactive action. - (VIEW LINK)