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CNY Fixing - Trend Edges Closer To Neutral ​​​

CNH

The USD/CNY fix printed at 6.8680, versus a Bloomberg consensus of 6.8696.

  • This represents a -16pip surprise in USD/CNY terms. Yesterday, we were +3pips on this metric.
  • The 5-day rolling sum of the error term still narrowed though to -17pips from -57pips yesterday. This reflects the recent -56pip surprise rolling out of the calculation.
  • USD/CNH is edging back to Tuesday session highs, last near 6.8900. The 1 yr MLF was kept unchanged at 2.75%. Volumes were higher than expected though at 481bn yuan, resulting in a net 281bn yuan injection. A little later Jan-Feb activity figures are due.

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