“It’s All One Trade!”

Here's a friendly reminder as you wrap things up on a lazy Tuesday. Remember earlier how we suggested that the only reason EM hasn't cracked is because RMB vol has been well-behaved? Well, in case you weren't convinced that a well-behaved bilateral exchange rate between the US and China is critical for markets, here's a chart that should drive the point "home" (quite literally if you're in US stocks)... (BBG)