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Weak Bias In PBOC Yuan Fixing Shrinks To Familiar Levels


Spot USD/CNH has been rangebound, as a return to normalcy in PBOC fix has brought stabilisation. The pair last operates -8 pips at CNH6.3618, with bears looking for a move through Feb 4 low of CNH6.3489 towards Jan 26 cycle low of CNH6.3238. Conversely, a jump above Jan 31 high of CNH6.3864 would allow bulls to set their sights on Jan 6/Nov 26 highs of CNH6.3976/99.

  • The PBOC set the yuan reference rate at CNY6.3569, just 14 pips above sell-side estimate. The weak bias in yesterday's fixing was largest since at least mid-2018.
  • Participants look ahead to flash Q4 BoP current account balance, due for release on Friday.

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