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CNY Fixing - Slight Lower Relative To Expectations

CNH

The USD/CNY fix printed at 6.8065, versus a market estimate of 6.8056.

  • Today's fix was slightly above the market estimate, +9pips in USD/CNY terms.
  • This is the first upside surprise since the start of the week from a USD/CNY standpoint.
  • Overall, the fixing continues to print close to market expectations. Note the rolling 5-day sum of the error term is back to -4pips, versus -15pips yesterday. So nearly back to neutral on this metric.
  • USD/CNH is higher this morning, we are above 6.8160, with a slight bump higher around the fixing print. This is above overnight highs, and the focus will be on whether we can test 6.8200 or not. Broader USD remains positive against the majors.

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