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Little to report in terms of the.........>

CHINA YUAN: Little to report in terms of the USD/CNY fix's effect on the CNH &
- USD/CNH has edged higher, to last deal at CNH7.1171, but has failed to trade
above CNH7.1200 thus far.
- Since 27 August the fix has stuck to a 74 pip range, while USD/CNY closes have
been spread over a 650+ pip range over that horizon. We have discussed the
deployment of the counter cyclical adjustment factor in the fix on numerous
occasions. It is worth noting that the difference between the mid-point fix and
the closing price of USD/CNY now sits at the lowest level seen since 23 August.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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