USD/CNY Fixing May Continue to Slowly Drift Higher -- Market Talk

Dow Jones06-17

0602 GMT - The USD/CNY fixing continues to drift higher, albeit very slowly, with the spot also trending upwards, says Paul Mackel, Global Head of FX Research at HSBC in a note. Mackel says he doesn't see a faster pace of adjustment on the cards like in August 2023, which saw the USD/CNY fix rise by nearly 700 pips over eight trading days. HSBC instead sees a gradual increase of the reference rate while implementing some offsetting measures, such as verbal intervention to smooth the movements in spot and deter excessive speculation. USD/CNY was last at 7.2557. (monica.gupta@wsj.com)

(END) Dow Jones Newswires

June 17, 2024 02:02 ET (06:02 GMT)

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HSBC instead sees a gradual increase of the reference rate while implementing some offsetting measures, such as verbal intervention to smooth the movements in spot and deter excessive speculation. USD/CNY was last at 7.2557. 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