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Westpac analyst Frances Cheung said USD/CNY was fixed lower after PBoC Governor Zhou's comments on FX reform. She expects less aggressive fixing into the NPC if stability stays the priority.
She sees range-trading in spot CNY in the coming days.
Expected range-trading and less aggressive fixing point to a limited move in USD/CNY near term. Feed buyers exposed to Chinese import costs see little pricing change from this.
octaafrica.netOct 12, 2017After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
