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Fix Spurs Yuan Strength

CNH

Offshore yuan strengthens in response to a stronger than expected fix for the yuan, the PBOC fixed USD/CNY at 6.4895, 18 pips below sell side estimates. USD/CNH dropped out of yesterday's range to session lows of 6.4762 in response.

  • At a meeting of the Communist Party's Politburo chaired by President Xi last week China's leaders said the government would continue to keep macro policies consistent to boost a recovery in manufacturing and private investment but noted the recovery is unbalanced and unstable.

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