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CNY Fixing - Still Biased Firmer Post LNY Break ​​​​​

CNH

The USD/CNY fix printed at 6.7626, versus a Bloomberg consensus of 6.7642.

  • Today's outcome represents a -16pip surprise in USD/CNY terms. This is very similar to the last fixing, prior to the LNY break on Jan 20 (-17pips).
  • For the last 5 fixes, the cumulative error term sits at -98pips, so a modestly positive CNY bias persists.
  • For USD/CNH, we have been tracking lower in the first part of trade, last at 6.7455 (-0.15% for the session). Note the onshore close from the 20th of Jan came in at 6.7845, so expect some downside when onshore trading resumes soon.

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