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CNY Fixing Trend Almost Back To Neutral

CNH

The USD/CNY fixing printed at 6.7120, versus a market estimate of 6.7126.

  • This is very close to neutral in terms of the fixing bias, with just a -6pip downside surprise in USD/CNY terms. This compares with last Friday where we had a -21pip surprise.
  • The 5-day rolling sum of the error term is now back at -21pips, versus a recent low of -74pips recorded last Wednesday.
  • USD/CNH hasn't reacted a great deal, we have spent the majority of the morning session oscillating around the 6.7100 level.
  • As expected, the China LPRs were left on hold.

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