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USD/CNY Fixing Rises, But Short Of Recent Highs, Fixing Error Narrows

CNH

The USD/CNY fixing printed at 7.1335, versus a Bloomberg consensus of 7.2644.

  • The fix was set higher, despite a lower BBG consensus estimate. As such the fixing error narrowed to -1309pips in USD/CNY terms versus -1398pips from last Friday.
  • The fix is just short of recent highs (7.1342, recorded July 10).
  • USD/CNH has risen in recent dealings, pushing above 7.2900. This followed the earlier announcements of a 10bps cut to the 7-day reverse repo rate, along with lower 1yr and 5yr LPRs. Efforts to support the economy have clearly stepped up.
  • Earlier lows in USD/CNH came in at 7.2781.

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