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CNY Fixing Trend Remains Benign

CNH

The CNY fixing was again very close to market expectations. The print came in at 6.7048, versus 6.7052 expected.

  • Today's fix surprise was a very modest -4pips in USD/CNY terms. Last Friday, the surprise was +5pips, so overall a very benign fixing backdrop relative to market expectations in recent sessions.
  • The rolling 5-day sum of the fixing error is back to -50pips.
  • USD/CNH has had a quiet start to the week, spending early trade oscillating around the 6.7200 level (last was 6.7170).
  • Despite positive Covid news out over the weekend we haven't yet tested the post-Asia close low from Friday of around 6.7070.

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