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Fix Diverges From Estimates

CNH

Worth noting that the PBOC fix was 44 pips above sellside estimates, the biggest divergence since May 10 when the delta was 55 pips. The fix indicates a preference for a weaker yuan as the currency strengthens, state bank intervention could be on the cards today as there is often chatter of this if they fix is >20 pips away from sell side models. It is the first miss of >20 pips since early August.

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