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CNY Fixing - Another Strong Surprise

CNH

Another stronger than expected CNY fixing (22nd session in a row). The print came in at 6.9920, versus a Bloomberg consensus of 7.0758. Note the Reuters estimate was 7.0080.

  • Today's error term, in USD/CNY terms, is -838pips, so close to yesterday's outcome of -850pips.
  • The fixing stayed below 7.00, although it was still above yesterday's outcome of 6.9798, so we are still trending higher for the metric.
  • The last 5 sessions have delivered a cumulative surprise of -3476pips.
  • The outcome hasn't given much relief to CNH. The pair has edged back up to 7.0830, we were closer to 7.0800 just prior to the fixing.
  • The focus now shifts to the onshore spot open. The upper limit on today’s spot is just under 7.1320.
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