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CNY Fixing: Maintaining Close To A Neutral Bias

CNH

The USD/CNY fix printed at 6.9791, versus a Bloomberg consensus of 6.9803.

  • Today's outcome represents a -12pip surprise in USD/CNY terms, compared to yesterday's outcome of -15pips.
  • This result came despite slightly higher levels in USD/CNY compared to early yesterday, which signifies some degree of comfort with current FX levels. Note the 5-day rolling sum of error term is back to -68pips, we were at -149pips this time last week.
  • USD/CNH is slightly lower in the first part of trading, last around 6.9850, versus opening levels above 6.9900. The USD is weaker against the majors, so we are line with that trend.

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