We use the two-pulse spin-dependent photon echo technique to study the in-plane hole spin anisotropy in a 20~nm-thick CdTe/Cd$_{0.76}$Mg$_{0.24}$Te single quantum well by exciting the donor-bound exciton resonance. We take advantage of the photon echo sensitivity to the relative phase of the electron and hole spin precession and study various interactions contributing to the hole in-plane spin properties. The main contribution is found to arise from the crystal cubic symmetry described by the Luttinger parameter $q=0.095$, which is substantially larger than the one theoretically expected for CdTe or found in other quantum well structures. Another contribution is induced by the strain within the quantum well. These two contributions manifest as different harmonics of the spin precession frequencies in the photon echo experiment, when strength and orientation of the Voigt magnetic field are varied. The magnitude of the effective in-plane hole $g$ factor is found to vary in the range $|tilde{g_h}|$=0.125--0.160 in the well plane.
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