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Free AccessChina FX Rallies Further on Perceived Endorsement for CNY Strength
- CNH continues to appreciate, with USD/CNH breaking through to fresh multi-month lows and narrowing the gap with 6.3525, the late May high. The run higher in CNH/JPY has been even more notable, with the cross topping 17.90 - the highest level since January 2016. The cross has rallied 6.5% off the late September low.
- In USD/CNY, some analysts wrote this morning of the significance of the Beijing closing print below 6.40 (official close was 6.3998), which may be an indication that the pullback in the pair has been endorsed on an official basis.
- This raises focus on tomorrow's early fix which, if below 6.40, could open the door to further selling pressure.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.