Equities, FX and the Fed’s interest rate corridor is where the action is taking place this morning. In overnight FX the PBOC devalued the yuan further, weakening the fixing against both the greenback and the currency basket to the weakest level in 11 and 9 months, respectively.  The yuan is depreciating against a background of broad EM FX weakness. The JPM EM FX index is trading at 64.0, just a wee bit above Monday’s low, which in turn was the lowest level since the start of 2017.For the full report, click HERE