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PBOC Knocks Yuan On Its Head Upon Return From Holiday


The PBOC returned from Lunar New Year holiday with a bang, fixing the USD/CNY reference rate 252 pips above the expected level. Spot USD/CNH posted a leg higher in reaction to the fixing, moving away from earlier session lows.

  • There has been little follow-through from the PBOC fix so far, with most G10 currency pairs holding tight ranges. AUD and CAD have outperformed at the margin, even as U.S. e-minis and most Asia-Pac equity benchmarks outside of China have faltered.
  • China's Caixin Services PMI, German industrial output & comments from ECB Pres Lagarde take focus from here.

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