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CNY Fixing - A Fresh Record Wide For The Fixing Error

CNH

The USD/CNY fixing printed at 7.1992, versus a Bloomberg consensus of 7.3103.

  • Today's fix represents a -1111pip surprise in USD/CNY terms. This compares with -880pips yesterday and is also wider than Friday's record -1041pip outcome. The 5-day rolling sum of the error term is no -4733pips.
  • Today's result continues to show the bias to keep the fixing close to the 7.2000 region and not breaking sharply higher above this level.
  • The immediate reaction in USD/CNH has been muted. The pair last tracked near 7.2850, slightly above session lows near 7.2795.

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