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USD/CNY will test the 2% upper limit of the onshore range.
Overnight, the USD/CNY exchange rate rose to its highest level since July, with the People’s Bank of China setting the USD/CNY central parity rate around 7.20.
It looks like USD/CNY will test the 2% upper limit range of the onshore CNY (7.3430 if the fix remains around 7.20).
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