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CNH: USD/CNY Fixing Higher, But Sub Market Estimates

CNH
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The USD/CNY fixing printed at 7.0709, versus a Bloomberg consensus of 7.0811.

  •  Today's fix, the first since last Monday, delivered a -102pip fixing in USD/CNY terms. This was wider than the trend prior to the holiday period, but it can also be tricky for the market to gauge the fixing outcome after such an extended break.
  • Note the prior to the break was 7.0074.
  • USD/CNH is lower in the first part of trade today, last under 7.0600. Lows rest at 7.0532. We haven't seen much fresh downside post the fixing. Coming up we have the NDRC briefing. 
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The USD/CNY fixing printed at 7.0709, versus a Bloomberg consensus of 7.0811.

  •  Today's fix, the first since last Monday, delivered a -102pip fixing in USD/CNY terms. This was wider than the trend prior to the holiday period, but it can also be tricky for the market to gauge the fixing outcome after such an extended break.
  • Note the prior to the break was 7.0074.
  • USD/CNH is lower in the first part of trade today, last under 7.0600. Lows rest at 7.0532. We haven't seen much fresh downside post the fixing. Coming up we have the NDRC briefing.