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The USD/CNY fix printed at 6.7411, versus a market estimate of 6.7409.

  • Today's fix is very close to market expectations. The recent trend has been for modest upside surprises in the fix from a USD/CNY standpoint.
  • The 5-day rolling sum of the error term is slightly lower at +30pips, versus +33pips yesterday.
  • Not surprisingly, USD/CNH has not reacted to the fixing outcome. The pair pushed above 6.7500 in earlier trade, but we are now back to low 6.7400 region as the USD see fresh pressure, particularly against the yen.

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