Whether the relief seen in a number of risk assets was genuine belief that the Russian, Ukraine and G7 tensions were appeased by the modest actions of the EU and US is yet to be seen, but this good will could prove to be premature. In fact, the key reason why I feel we saw strong relief was actually the idea that many members of the macro community were appeased by the widening of the trading band, as it subtracts from the theory that the weakness in the CNY was down to growth fears. The fact the PBOC has tried hard to keep the fix stable is also positive, although we've seen fairly volatility moves today in CNH (offshore renminbi), with the pair up over 100 pips today and fast approaching the 6.20 level; many in the market see as a huge line of pain. (VIEW LINK)