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this is a test, please ignore

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USD/CNH Fixing Close To Unchanged

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The USD/CNY fixing printed at 7.1286, versus a Bloomberg consensus of 7.2647.

  • Today's outcome delivered a -1361pip surprise in USD/CNY terms, close to Friday's -1413pip outcome.
  • The actual fix was only a touch below Friday's outcome as well (7.1289).
  • USD/CNH has been relatively steady in the first part of Monday trade, last near 7.2900. Earlier headlines crossed that the PBoC will carry out some temporary repo operations depending on market liquidity conditions (see this BBG link).
  • This should see focus on government bond yields today, where the authorities have taken steps in recent weeks to halt the descent in longer term yields, with the PBoC stating last Friday it is has hundreds of billions of yuan bonds it can sell.
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The USD/CNY fixing printed at 7.1286, versus a Bloomberg consensus of 7.2647.

  • Today's outcome delivered a -1361pip surprise in USD/CNY terms, close to Friday's -1413pip outcome.
  • The actual fix was only a touch below Friday's outcome as well (7.1289).
  • USD/CNH has been relatively steady in the first part of Monday trade, last near 7.2900. Earlier headlines crossed that the PBoC will carry out some temporary repo operations depending on market liquidity conditions (see this BBG link).
  • This should see focus on government bond yields today, where the authorities have taken steps in recent weeks to halt the descent in longer term yields, with the PBoC stating last Friday it is has hundreds of billions of yuan bonds it can sell.