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CNH: USD/CNY Fixing Remains Close To Neutral

CNH

The USD/CNY fixing printed at 7.1136 versus a Bloomberg consensus of 7.1133.

  • The fixing outcome leaves us very close to neutral from a USD/CNY error term standpoint. This has been the trend in recent sessions.
  • USD/CNH has tracked a little higher in the first part of Tuesday dealings, last near 7.1250, which is close to Monday intra-session highs.
  • The broader USD backdrop is mostly firmer (BBDXY up nearly 0.1%). US yields have ticked up around 1bps since the open, support sentiment at the margins. 

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