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​CNY Fixing Nearly 100pips Firmer Than Expected ​​​

CNH

The USD/CNY fix printed at 6.8698, versus a market estimate of 6.8794 (BBG survey).

  • Today's fix is another strong downside surprise, in USD/CNY terms of -96pips. Since last Wednesday, we have now seen a cumulative -309pips in terms of downside surprises, so a heavy leaning against depreciation pressures.
  • The firm market bias remains towards buying USD/CNH dips though. The pair touched above 6.9250 earlier, with the pair last at 6.9200, with the fixing having no lasting impact on sentiment so far.
  • The focus may soon start to shift to other tools the authorities can utilize to stem yuan depreciation.


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