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CNY Fixing - Slightly Firmer Bias

CNH

The USD/CNY fix printed at 6.8847, versus a Bloomberg consensus of 6.8871.

  • Today's fixing represents a -24pip surprise in USD/CNY terms. This is the widest differential going back to March 21. We have had a few results close to -24pips, (like -22pips on April 10) in recent weeks though.
  • The 5-day rolling sum of the error term has moved out to -31pips, from -4 pips yesterday.
  • Today's result is a slightly firmer bias towards CNY, although the trend error term is still well-within recent ranges.
  • USD/CNH sits below 6.9000 currently, last around 6.8970, around -0.1% sub NY closing levels.

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