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CNY Fixing Back To A Slightly Weaker Bias

CNH

The USD/CNY fix printed at 6.7584, versus a market estimate of 6.7567.

  • Today's fix is a slight upside surprise of +17 pips in USD/CNY terms. This is the firmest fix, relative to expectations, since July 12th, when we had a slightly larger surprise at +18pips, so today's outcome is high relative to recent history.
  • Still, the 5-day rolling sum of the error term has only moved back down to +13pips today from +9pips yesterday. This leaves the overall trend fairly mild.
  • USD/CNH has edged higher today, as risk appetite has been slightly softer amongst the majors, with yen outperforming. The pair was last tracking just above 6.7630. The fixing hasn't produced an impact on sentiment though.

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