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CNH: USD/CNY Fixing Bias Leans Against Yuan Weakness

CNH

The USD/CNY fix printed at 7.1991, versus a Bloomberg consensus of 7.2436. 

  • Today's fixing saw a notable widening in the fixing error, to -445pips in USD/CNY terms. This was the widest since Aug 5 of this year.
  • The authorities stepping up efforts to curb depreciation pressures via the fixing bias.
  • USD/CNH spot is tracking lower post the outcome, the pair back down to the low 7.2300 region. We were above 7.2400 prior to the fixing. 

 

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The USD/CNY fix printed at 7.1991, versus a Bloomberg consensus of 7.2436. 

  • Today's fixing saw a notable widening in the fixing error, to -445pips in USD/CNY terms. This was the widest since Aug 5 of this year.
  • The authorities stepping up efforts to curb depreciation pressures via the fixing bias.
  • USD/CNH spot is tracking lower post the outcome, the pair back down to the low 7.2300 region. We were above 7.2400 prior to the fixing.