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CNH: USD/CNY Fixing Remain Close To 7.1900

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The USD/CNY fix printed at 7.1910, versus a Bloomberg consensus of 7.2394.

  • The fixing error was -484pips, slightly tighter than recent outcomes beyond -500pips. The actual fixing remains above 7.1900, but not gravitating higher at this stage.
  • The focus is now likely to be on how the onshore spot trend trades. The upper daily limit is at 7.33482 for today, so we have ample scope to go higher, in the aftermath of Trump's tariff threat. Monday's onshore spot close was 7.2462. Still, the authorities will likely manage the pace of depreciation.
  • USD/CNH is firmer, but found selling interest above 7.2700. We haven't react much after the fixing, last near 7.2650, around 0.25% weaker in CNH terms for the session so far. 
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The USD/CNY fix printed at 7.1910, versus a Bloomberg consensus of 7.2394.

  • The fixing error was -484pips, slightly tighter than recent outcomes beyond -500pips. The actual fixing remains above 7.1900, but not gravitating higher at this stage.
  • The focus is now likely to be on how the onshore spot trend trades. The upper daily limit is at 7.33482 for today, so we have ample scope to go higher, in the aftermath of Trump's tariff threat. Monday's onshore spot close was 7.2462. Still, the authorities will likely manage the pace of depreciation.
  • USD/CNH is firmer, but found selling interest above 7.2700. We haven't react much after the fixing, last near 7.2650, around 0.25% weaker in CNH terms for the session so far.