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CNY Fixing - At Neutral


The USD/CNY fix printed at 6.8805, versus a Bloomberg consensus of 6.8802.

  • Today's outcome represents a +3pip surprise in USD/CNY terms. This compares with -4pips from last Friday. So again, very close to neutral. The rolling 5-day sum of the error term is unchanged at -40pips from Friday.
  • USD/CNH has traded higher since the open but hasn't got much beyond 6.8800 at this stage. We await the Caixin manufacturing PMI due in a little bit.

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