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Holding Cheaper Post-CNY Fix

US TSYS

Some two-way trade creeps in around the latest USD/CNY mid-point fixing from the PBoC, which saw a stronger than expected CNY fixing for a second consecutive day, albeit to a lesser degree than was seen on Thursday. Tsys initially richened at the margin before cheapening again, with TYU2 registering a fresh session low amid a lack of PBoC fix-related weakness in the broader USD. The contract last prints -0-05 at 117-20, just off the base of its 0-06 range, while cash Tsys run 1.5-2.5bp cheaper across the curve.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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