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CNY Fixing - Remains Firmer Than Expected

CNH

The USD/CNY fix printed at 7.2098, versus a Bloomberg consensus of 7.2458.

  • Today's fix represents a -360pips surprise in USD/CNY terms. This continues the recent run of much stronger than expected (in CNY terms) fixing outcomes. This is the largest surprise since the bias turned more supportive of CNY back in late June.
  • The rolling 5-day sum of the error term is now back to -1393pips, which is fresh lows back to Nov 2022.
  • USD/CNH has rebounded from earlier lows, now back to 7.2640/50, against earlier lows just under 7.2560. Post the fixing the bias for USD/CNH has been firmer, with highs just under 7.2660.

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