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CNY Fixing - Another Stronger Than Expected Outcome

CNH

The USD/CNY fix printed at 7.1456, versus a Bloomberg consensus of 7.1908.

  • Today's fix represents a -452pip surprise in USD/CNY terms. This compares with yesterday's -680pip outcome. For the past week, the cumulative fixing error has been -1665.
  • Today's outcome is still the second largest deviation, relative to expectations, since early November last year.
  • USD/CNH initially dipped post the fixing, but has been supported on this move ahead of the 7.1700 level. The pair last back close to session highs near 7.1800.

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