I picked out a yuan view from Citi:

  • Citi have closed their short USD/CNH trade citing the conclusion of phase 1 and phase 2 agreement is a long way off

But, there is more:

  • risk from the U.S. presidential election is under-priced, its time now to reduce risk trades a little
  • uncertainty about who will be Democratic nominee - the forthcoming Iowa Caucus "could become a risk-off event"
  • global economic growth is a brighter point, will pick up