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CNY Fixing - Firmer Bias Steps Up

CNH

The USD/CNY fixing printed at 7.1091, versus a Bloomberg consensus of 7.1283.

  • Today's outcome is a -192pip surprise in USD/CNY terms, against yesterday's outcome of -148pips.
  • This brings the cumulative surprise for the last two sessions to -340pips, so a clear step up from where we were at the start of the week, which was closer to flat.
  • This coincides with a renewed push higher in USD/CNY, with onshore spot back close towards 7.1600.
  • USD/CNH hasn't reacted a great deal post today's fixing outcome. We are off earlier highs above 7.1500, last tracking close to 7.1450, but this is line with some USD softness against the majors.

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