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CNH: USD/CNY Fixing Steady, PBoC Vows Stable Yuan/Tweaks Capital Rule

CNH
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The USD/CNY fixing printed at 7.1885, versus 7.3450 as per the Bloomberg market consensus. 

  • This puts the error term for the fixing at -1565pips, fresh wides since April 2024.
  • USD/CNH is lower, last near 7.3550, around 0.10% stronger in CNH terms.
  • headlines have filtered out from a FX meeting held in Beijing. The PBoC stating that the yuan will stay at a reasonable, balanced level. (per BBG). The central bank also raised the cross border macro adjustment parameter from 1.50 to 1.75, effective today.
  • This is designed to boost offshore borrowing by local companies. 
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The USD/CNY fixing printed at 7.1885, versus 7.3450 as per the Bloomberg market consensus. 

  • This puts the error term for the fixing at -1565pips, fresh wides since April 2024.
  • USD/CNH is lower, last near 7.3550, around 0.10% stronger in CNH terms.
  • headlines have filtered out from a FX meeting held in Beijing. The PBoC stating that the yuan will stay at a reasonable, balanced level. (per BBG). The central bank also raised the cross border macro adjustment parameter from 1.50 to 1.75, effective today.
  • This is designed to boost offshore borrowing by local companies.