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USD/CNH Testing Fresh Cyclical Highs, As Onshore Spot Weakens

CNH

USD/CNH continues to track higher, the pair is now testing cyclical highs from last week around 7.0430. The catalyst appears to be a gap move higher in onshore spot. USD/CNY is now through 7.0350. We were just under 7.02 at the previous close. As we noted earlier, the fixing bias is not curbing USD/CNH's ascent at this stage.

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