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CNY Fixing: Largest Positive Surprise Since End November 2022

CNH

The USD/CNY fix printed at 6.7737, against a Bloomberg consensus of 6.7808.

  • Today's fix represents a -71pip surprise in USD/CNY terms, versus last Friday's -17pip outcome. Today's outcome is the largest surprise since the 29th of November. The 5-day rolling sum of the error term is back out to -111pips.
  • The result represents some pushback on recent CNH weakness. USD/CNH touched a high of 6.8325 in earlier trade today, but we are now back to close to the 6.8100 level. There was some selling pressure post the fix, but not much follow through.

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