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CNY Fixing - Near Neutral

CNH

The USD/CNY fixing printed at 6.8951, versus a Bloomberg consensus of 6.8959.

  • Today's outcome represents a -8pip surprise. On Friday this metric sat at +5pips. The rolling 5-day sum of the error term is at -41pips, slightly wider than Friday's -31 outcome, but well within recent ranges.
  • USD/CNH is back above 6.9100, +0.25% above NY closing levels from last week. The market has expressed modest disappointment that China's growth target for 2023 wasn't higher ('around 5%' was announced yesterday). However, follow through USD has remained limited and USD/CNH remains within recent ranges.
  • The next focus point will be on how onshore/HK equities perform.

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