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USD/CNY Fixing Above 7.00, 20% Risk Reserve on Forward FX Sales Imposed

CNH

The USD/CNY fixing printed at 7.0298, versus a Bloomberg consensus of 7.1091.

  • This allows a topside in onshore spot to be 7.1704 today. As we mentioned earlier, Friday's close was just under 7.1300.
  • Just after the fix printed the PBoC also noted that it will impose a 20% risk reserve requirement on FX forwards. This is another fresh regulatory step to curb depreciation pressures.
  • This has helped take USD/CNH off its highs. After trading close to 7.1650, we were last at 7.1400/50.
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The USD/CNY fixing printed at 7.0298, versus a Bloomberg consensus of 7.1091.

  • This allows a topside in onshore spot to be 7.1704 today. As we mentioned earlier, Friday's close was just under 7.1300.
  • Just after the fix printed the PBoC also noted that it will impose a 20% risk reserve requirement on FX forwards. This is another fresh regulatory step to curb depreciation pressures.
  • This has helped take USD/CNH off its highs. After trading close to 7.1650, we were last at 7.1400/50.