August 18, 2022 01:26 GMT
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The USD/CNY fix printed at 6.7802, versus a market estimate of 6.7806.
- Today's fix was slightly below the market estimate, -4pips in USD/CNY terms.
- This continues the run of the past 3 session of modest downside surprises. Note the rolling 5-day sum of the error term is back to -15pips, the weakest level since the 21st of July. This is a modest lean against depreciation pressures.
- USD/CNH is a touch lower this morning. We are back below 6.7900, which is line with broader USD weakness. There hasn't been a reaction to the fix.