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CNY Fixing Prints Slightly Firmer

CNH

The CNY fixing printed at 6.6691, slightly below the market consensus of 6.6708.

  • Today's fix is a modest -17pips below market consensus, in USD/CNY terms. This is the first fix since last Thursday, with onshore markets closed on Friday. This pushes the 5-day sum of the fixing error term back to -19pips, versus +3pips on Thursday.
  • The fixing error tends to be a little larger post a China onshore holiday, se we shouldn't read too much into today's result.
  • Still, USD/CNH is a little lower post the outcome. The pair is back below 6.6500 for now.
  • Next up is the onshore open, with equity market sentiment eyed. The Caixin service PMI is out shortly after the onshore open.
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