July 03, 2024 01:19 GMT
USD/CNY Fixing Higher Despite Modest USD Pullback
CNH
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The USD/CNY fixing printed at 7.1312, versus a Bloomberg consensus estimate of 7.2631.
- The fixing error narrowed to -1319pips in USD/CNY terms, versus -1424pips yesterday.
- The actual fix was higher than yesterday's outcome, (7.1291), despite lower market estimates (yesterday's fixing estimate was 7.2715). This suggests the authorities are comfortable with a continued modest pace of yuan depreciation pressures.
- The upside limit on spot USD/CNY today is 7.2738.
- USD/CNH has firmed modestly post the print, up above 7.3080.
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