CNY review: Western Union

Quotes from Western Union:

- With the end of the festivities of Chinese New Year, it is back to serious business and the Chinese Central Bank moved the mid-point to 6.1475 from 6.1379, which was 96 bps lower (0.16%) and reminds the market of the PBoC moves in Q1 when it moved the fixing lower to quash speculation if Yuan appreciation. 

- The Yuan closed precariously close to the max allowed 2% band at 6.2695 and we could see further lower fixings in the days to come. 

- The freely tradeable CNH is trading much lower and is reflecting the large amount of hot money flows that are exiting the currency pair which is expected to weaken further in the coming months.