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CNY Fixing Firmer Than Expected

CNH

The USD/CNY fixing printed at 6.6851, versus a market estimate of 6.6874.

  • Today's fixing was back to a firmer trend relative to market expectations. In USD/CNY terms the fixing error was -23pips, compared with yesterday's -6pips.
  • The 5-day rolling sum of the error term is now back at -45pips, which is where we were late last week and wider than yesterday's -21pips. So, the broader trend of leaning against depreciation pressures remains, albeit a modest one.
  • USD/CNH was drifting lower prior to the fix, in line with broader USD softness. We are now back sub 6.6750, from 6.6900 earlier. The fix has helped nudge the pair lower.
  • We are within striking distance of yesterday's low of just under 6.6700.
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