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CNY Fixing: Another Record Relative To Expectations

CNH

The USD/CNY fix printed at 6.9396, versus a market estimate of 7.0043 (Bloomberg).

  • This sets another fresh record wide in terms of the fixing outcome relative to market expectations. In USD/CNY terms it is -647pips, versus the previous record of -598pips from last Wednesday.
  • All of the rolling sum metrics of the fixing error continue to print fresh wides. The 5-day is now at -2427pips.
  • The USD/CNH reaction hasn't been large. The pair is back around 7.0000, versus earlier lows close to 6.9900. This is line with the USD recovering ground against both EUR and JPY.
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