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CNY Fixing Still On The Softer Side

CNH

The USD/CNY fix printed at 6.7324, versus a market estimate of 6.7308.

  • Today's fix is a upside surprise at +16pips in USD/CNY terms, versus yesterday's outcome of +6pips.
  • The 5-day rolling sum of the error term has nudged a little higher to +30pips from +12pips yesterday. This metrics has been a small positive for much of the period since early July, so a modest lean against CNY appreciation pressures.
  • USD/CNH has edged back above 6.7300 in early trade today. The majors have given back some gains against the USD, so is in line with that trend. The USD/CNH 50-day MA comes in at 6.7257, so this could be a short term inflection point.

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