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CNY Fixes Slightly Weaker Than Expected

CNH

The CNY fixing printed at 6.6649, slightly above the market consensus of 6.6638.

  • This leaves a modest error term of +11pips in USD/CNY terms. This comes after yesterday's -17pip surprise.
  • The 5 day MA of the error term remains at a benign -4pips.
  • USD/CNH has tracked higher today, pushing above 6.6700 post the fix, but this has coincided with renewed yen weakness, with USD/JPY rising above 132.60 to fresh cyclical highs.
  • This is a bigger driver than the fixing trend.

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