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CNH: USD/CNY Fixing Steady, Fixing Error Stays Wide

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The USD/CNY fixing printed at 7.1886, versus a Bloomberg market consensus of 7.3373. 

  • This leaves the fixing error at -1487pips, versus yesterday's -1528pip outcome. The actual fix was very close to yesterday's outcome. The upside limit on USD/CNY today is around 7.3324.
  • Spot USD/CNH is a little lower post the fixing, last back near 7.3500. Earlier highs were at 7.3573.
  • The PBoC announced it will issue 60bn yuan in 6 month bills in Hong Kong on Jan 15 (a record amount). Onshore media noted earlier this week yuan bill issuance would pick up this month.
  • Coming up in a short while we also have Dec inflation data. 
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The USD/CNY fixing printed at 7.1886, versus a Bloomberg market consensus of 7.3373. 

  • This leaves the fixing error at -1487pips, versus yesterday's -1528pip outcome. The actual fix was very close to yesterday's outcome. The upside limit on USD/CNY today is around 7.3324.
  • Spot USD/CNH is a little lower post the fixing, last back near 7.3500. Earlier highs were at 7.3573.
  • The PBoC announced it will issue 60bn yuan in 6 month bills in Hong Kong on Jan 15 (a record amount). Onshore media noted earlier this week yuan bill issuance would pick up this month.
  • Coming up in a short while we also have Dec inflation data.