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CNY Fixing - At Neutral, USD/CNH Breaches 7.00

CNH

The USD/CNY fixing printed at 6.9748, versus a Bloomberg consensus of 6.9743.

  • Today's fixing represents a +5pip surprise in USD/CNY terms. We are very close to neutral in terms of the fixing bias, as has been the case in recent sessions.
  • Still, the market may have been looking for greater push back given we are close to the 7.00 level.
  • USD/CNH is higher post the fixing outcome, the pair getting to fresh YTD highs above 7.00.

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