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CNY Fixing On the Firm Side

CNH

The USD/CNY fix printed at 6.7483, versus a market estimate of 6.7493.

  • Today's fix represents a -10pip downside surprise in USD/CNY terms. This is the first downside surprise since this time last week. The overall size of surprises remains modest though.
  • The 5-day rolling sum off error terms is still higher than yesterday to +25pips (versus +14pips), as last Tuesday's -21pip downside surprise dropped out of the metric.
  • USD/CNH has edged lower post the fix, with the pair dipping under 6.7500 (last 6.7470). Eyes will be on a revisit to the overnight low just under 6.7450, with broader USD sentiment softer.

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