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CNY Fixing Back To A Stronger Bias

CNH

The USD/CNY fixing came in at 7.2150, versus a Bloomberg consensus of 7.2219.

  • Today's outcome is a -69pip surprise in USD/CNY terms, which compares with yesterday's outcome of +5pips.
  • While today's outcome is back leaning against depreciation pressures once again, the 5-day rolling sum of the error term is back to -1761pips and continues to move away from recent wides (-3946pips on the 26th of October).
  • USD/CNH has maintained recent ranges during today's session. Earlier dips sub 7.2200 were supported, while we pushed above 7.2300 on headlines of the highest local covid case numbers onshore (7323) in 6 months. We have now settled back just below 7.2230. The fixing result has likely helped at the margin.

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