Having decoupled three weeks ago, the spike in Treasury bond yields in the last two days has erased the divergence between stocks and bonds with the former trading at one-month highs as offshore yuan pushed back to cycle lows...

Lot of chatter about the bond move - coincidental timing as Trump starts lambasting China for currency manipulation? Or is it rate-lock positioning ahead of a heavy calendar week?

For now, Yuan just keeps falling...

Diverging from the 10Y Yield...

So China blowback or algo-business as usual?