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CNY Fixing Bias Back To Neutral

CNH

The USD/CNY fixing printed at 6.7482, versus a market estimate of 6.7481.

  • This result, which shows a bias back to neutral, comes after the last 3 sessions where we saw downside surprises in USD/CNY terms on the fixing bias. To recap, from last Thursday until yesterday we saw -21pips, -23pips, then -25 pips in terms of the fixing error.
  • The 5-day rolling sum of the error term is still negative at -65pips.
  • The reaction in USD/CNH has been to push higher. We moved around 100pips higher from 6.7750 to 6.7850 (which is around the NY session highs) post the fix. We have settled back at 6.7800 now.

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