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CNY Fixing Slightly Firmer

CNH

The USD/CNY fix printed at 6.7282 versus a market estimate of 6.7290.

  • Today's fix represents a -8pip upside surprise in USD/CNY terms. This comes after yesterday's +18pip outcome.
  • The rolling 5-day sum of the error term has eased slightly to +27pips, versus +33pips yesterday.
  • USD/CNH is down slightly from earlier highs above 6.7400, we last tracked at 6.7350.
  • As we noted earlier, CNH volatility has picked up, with USD/CNH back close to monthly highs. Today's fixing may have been in response to that, although a -8pip surprise is clearly very modest. We will continue to monitor how the 5 day rolling sum of the fixing error evolves. This metric has shifted down from last week's high of +47 pips.

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