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Rangebound

CNH

The PBOC fixed USD/CNY at 6.4605 today, 14 pips above sell side estimates and the twelfth straight fix above the estimate, bringing the total misses in February to +56 pips.

  • 1-month CNH implied volatility fell to 4.74%, lowest level since mid-September as the pair shows signs of entering a LNY range between 6.4550 and 6.4650.
  • USD/CNH is around 19 pips higher at 6.4615, but still within yesterday's range.

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