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Fixing Bias Remaining Neutral

CNH

The CNY fixing printed at 6.7095, slightly above the market consensus 6.7088.

  • Today's fix is a very modest +7pip surprise, following yesterday's +3pip outcome. The rolling 5-day MA of the error term is now back at +3pips, the first positive reading on this metric since April 26th.
  • USD/CNH reaction has been limited, with the pair pushing up close to 6.7100, but this also coincided with broader USD strength, and we have moved away from these levels now.

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