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CNH: USD/CNY Fixing Slightly Below Estimate

CNH
EM BulletAPACChinaEmerging Market NewsBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

The USD/CNY fix printed at 7.0742, slightly below the Bloomberg consensus of 7.0756.

  • Today's fixing outcome is still close to neutral (only -14pips in USD/CNY terms for the fixing error). Focus is likely to rest on whether the fixing error widens if we see a push in spot USD/CNY above 7.1000.
  • For USD/CNH so far today we have tracked modestly lower. The pair was last near 7.0845, down a little over 0.10%.
  • Earlier headlines crossed from the PBoC that it will start accepting applications for its swap facility, which is aimed to help local equity markets. The scheme was first unveiled on Sep 24, so markets won't be that surprised. Still, focus is likely to rest on how mainland share indices trade today, given yesterday's sharp losses. 
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The USD/CNY fix printed at 7.0742, slightly below the Bloomberg consensus of 7.0756.

  • Today's fixing outcome is still close to neutral (only -14pips in USD/CNY terms for the fixing error). Focus is likely to rest on whether the fixing error widens if we see a push in spot USD/CNY above 7.1000.
  • For USD/CNH so far today we have tracked modestly lower. The pair was last near 7.0845, down a little over 0.10%.
  • Earlier headlines crossed from the PBoC that it will start accepting applications for its swap facility, which is aimed to help local equity markets. The scheme was first unveiled on Sep 24, so markets won't be that surprised. Still, focus is likely to rest on how mainland share indices trade today, given yesterday's sharp losses.