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*** Tightly clustered fixes for the......>

CHINA YUAN
CHINA YUAN: *** Tightly clustered fixes for the USD/CNY mid-point this week,
with the 5 daily fixes sitting in a 32 pip range vs. a 300+ pip range across the
last 5 USD/CNY closes (the USD/CNY close is the biggest input in the PBoC's
daily fixing mechanism).
- The difference between the close and the fix has moderated from the mid-week
highs, but still sits at elevated levels, while the 5 most recent fixes have
also continued the run of being below the median of market estimates, indicating
that the PBoC remains comfortable with deploying its countercyclical adjustment
factor in the daily fix.
- Chart: https://emedia.marketnews.com/USDCNYFixVsClose060919.png
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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