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CNY Fixing - Maintaining A Stronger Bias

CNH

The USD/CNY fix printed at 7.1886, versus a Bloomberg consensus of 7.2152.

  • Today's fixing represents a -266pip surprise in USD/CNY terms. Slightly wider than yesterday's -196pip outcome but below last Friday's -401pip outcome.
  • The rolling 5-day error of the fixing term has stabilized somewhat, last at -1404pips.
  • USD/CNH is tracking with a modestly softer bias in the first part of trade today, last around 7.2260/70. This is line with a softer USD tone against the majors. Yesterday's low around 7.2200 is not too far away.

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