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CNY Fixing: Back Close To Neutral

CNH

The USD/CNY fix printed at 6.9114, versus a Bloomberg consensus of 6.9121.

  • Today's outcome is a -7pip surprise in USD/CNY terms. This compares with yesterday's +28pip outcome.
  • Today's outcome is unlikely to represent a shift in the fixing bias, as yesterday's outcome was the first fixing post the May day holiday period and we can often see deviations post such breaks.
  • USD/CNH is trading with an offered tone this morning, last just under 6.9100, after opening around 6.9150. The USD is under broader pressure against the majors, with firmer US equity futures driving better risk appetite.

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