July 21, 2022 01:20 GMT
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The USD/CNY fix printed at 6.7620 versus a market estimate of 6.7615.
- Today's fix represents a +5pip upside surprise in USD/CNY terms. This comes after yesterday's +5pip outcome.
- We had larger downside surprises for the fix at the start of the week, which leaves the 5-day sum of the fixing error term still negative at -21 pips, although this is up slightly from the recent trough of -41pips (recorded on Tuesday).
- USD/CNH hasn't reacted a great deal to the fix. The pair has been range bound today, currently sitting just below 6.7750, little changed on the day.