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USD/CNY Fixing Trend Still Pushing Higher ​​​

CNH

The USD/CNY fixing printed at 6.9468, versus a Bloomberg estimate of 6.9984.

  • This marks the 19th straight session of firmer fixings relative to the market consensus. Today's outcome was -516pips in USD/CNY terms.
  • This is down from yesterday's record wide of -647pips, but still the fourth widest outcome for the past week or so.
  • The actual fixing continues to push higher though. We are now back to August 2020 highs. The gap with onshore spot is also down from last week's wides.
  • USD/CNH dips remain supported (last just above 7.01), while CNH has underperformed the modest EUR and JPY gains seen today.
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The USD/CNY fixing printed at 6.9468, versus a Bloomberg estimate of 6.9984.

  • This marks the 19th straight session of firmer fixings relative to the market consensus. Today's outcome was -516pips in USD/CNY terms.
  • This is down from yesterday's record wide of -647pips, but still the fourth widest outcome for the past week or so.
  • The actual fixing continues to push higher though. We are now back to August 2020 highs. The gap with onshore spot is also down from last week's wides.
  • USD/CNH dips remain supported (last just above 7.01), while CNH has underperformed the modest EUR and JPY gains seen today.