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CNY Fixing - Still Close To Neutral

CNH

The USD/CNY fix printed at 6.7905, versus a Bloomberg consensus of 6.7912.

  • Today's outcome represents a -7pip surprise in USD/CNY terms, which is close to yesterday's outcome (-3 pips). The rolling 5-day fixing error term sits at -79pips.
  • After Monday's -71pip outcome for the fixing surprise, the last 3 sessions have delivered close to neutral outcomes.
  • USD/CNH is on a firmer footing in the first part of trade, with the pair above 6.8000 (highs of 6.8045). Note we got to 6.8325 in early Monday trade this week.

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