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One-month risk reversal on USD/CNY, a measure of the spread between prices drawn by call options (bullish bets) and put options (bearish bets), has declined to -0.20, the lowest level since Jan. 15, according to data source Reuters. 

In other words, the put (or bearish) bias is now strongest in 11 months. Risk reversal flipped bearish earlier this month, having peaked at 0.75 on Oct. 29.

Investors are adding bets to position for a continued decline in USD/CNY. The pair is currently trading at 6.5292, having peaked at 7.1766 in May. Most investment banks foresee a deeper decline for the US dollar in 2021.