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CNY Fixing - Leaning Modestly Against Depreciation Pressures ​​​

CNH

The USD/CNY fix printed at 6.8763, versus a Bloomberg consensus of 6.8798.

  • Today's outcome represents a -35pips surprise in USD/CNY terms, following yesterday's -14pip outcome. This has seen the rolling 5-day sum of the fixing error widen to -70pips.
  • Today's fixing surprise is the largest downside surprise since 8th March.
  • This indicates a modest lean against depreciation pressures.
  • USD/CNH has firmed a touch in the first part of dealings, last around 6.8810/15, around +0.10% above NY closing levels. The USD is firmer against the G10 (ex JPY).

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