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PBOC Fixing Shows Appreciation Bias For 28th Straight Day, Offshore Yuan Unfazed


Spot USD/CNH showed a muted reaction to the first PBOC fixing after China's week-long holiday. The central bank set the mid-point of permitted USD/CNY trading band at CNY7.0992, 239 pips below the sell-side estimate in a Bloomberg survey.

  • The fixing error was narrowest since Sep 13, when the mid-point was set 196 pips below the expected level. In addition, the fixing level was little changed from the previous trading day (Sep 30).
  • Offshore yuan wiped out its initial losses into the fix. Initial weakness may have been linked to resurfacing COVID-19 worry and a weak Caixin Services PMI print released over the weekend.
  • Spot USD/CNH last deals at CNH7.1336, virtually unchanged on the day.

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