China: Still unwilling to see USDCNH approaching 6.9 - TDS

Analysts at TD Securities note that today's fixing came out around 120 pips lower than market expectations, showing China is still unwilling to see USDCNH approaching 6.9.

Key Quotes

“They also announced more fiscal measures including tax cuts on various fronts to boost economy instead of using FX as a tool to fight for trade war. USDCNH dropped 200 pips after fixing.”