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Fix Eyed


Offshore yuan is weaker, USD/CNH is up 34 pips at 6.4246, but still holding near the bottom of Tuesday's range which denoted the highest for CNH since May 11.

  • Tensions with the US continue to summer, US President Biden announced his administration will go ahead with plans to ban new US investments in Chinese companies, but will delay the implementation by two weeks in a bid to clarify the guidance. The policy is a legacy from the Trump administration, though lawmakers in the US are still keen on taking a firm stance over China.
  • Markets await the USD/CNY fix, yesterday a fix that was 12 pips below sell side estimates sparked CNH strength. The fix below sell side estimates, indicating a preference for a stronger yuan, was the first in seven session and only the third in the previous 16 sessions.
  • Fig.1: USD/CNH and fix delta

Source: MNI/Bloomberg

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