CNH: USD/CNY Fixing Up For 1st Time Since Sep 8, USD/CNH Steady Near 6.7000

The USD/CNY rose to 6.7468 on Wednesday from 6.7459 on Tuesday. This is the first rise in the fixing since Sep 8 (back then the fixing printed at 6.7804). The fixing error was little changed at +495pips. A steadying in the fixing backdrop will reduce USD/CNH downside impetus, all else equal. However, it may pause the downtrend rather than see a dramatic rebound in the pair. We were last near 6.6990, little changed for the session. Note moves above 6.7000 we faded yesterday, while the 20-day EMA resistance point is close to 6.7100.