USD/CNY

USD/CNY was fixed in Asia on Friday at 6.6227 down from the previous 6.6229 fix. The OTC market traded a 6.5896-6.6218 range and in doing so hit its daily 0.5% limit on the downside; last at 6.5897. USD/CNH crashed through 6.60; last at 6.5830/800 whilst the 1-yr NDF fell again; last 6.4350-400. The Shanghai Composite closed up 1.76%. Official Dec PMI reading on Saturday of 53.9 down on Nov's 55.2 print had been flagged by a number of analysts most notably Citibank. Power disruptions during October had inflated the Nov reading with the December number somewhat normalized. There were no recorded 1-yr trades on Friday night; last at 6.4340/90. Chinese markets are closed today for New Years Day.