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CNY Fixing: Still Modestly Firmer

CNH

MNI (Australia) The USD/CNY fix came in at 6.9975, versus a Bloomberg consensus of 7.0015.

  • Today's outcome represents a -40pip surprise, versus yesterday's outcome of -39pips. This fixing outcome continues the modest lean against depreciation pressures evident this past week.
  • Note the 5-day rolling sum of the error term is at -131pips, which is still in from recent wides, we were closer to -300pips on this metric towards the end of November.
  • USD/CNH has tracked higher today, back closer to 6.9900, +0.10% for the session, in line with a firmer USD tone against most of the majors.
  • Still to come is China trade figures, while the other focus point could be Covid related headlines out of China, with Reuters stating further easing measures could be announced today.

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