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Analysts at ING are holding a baseline view that Chinese authorities will want to keep USD/CNY fairly stable this year which is premised on a trade deal being concluded over perhaps some time in 3Q19.

Key Quotes

“We had also felt that the stability in USD/CNY between February and April had been an important factor contributing to declining cross-asset market volatility and the supportive risk environment.”

“This week’s move in USD/CNY has, therefore, come as a surprise and jolted markets out of their comfort zone.”