September 29, 2022 01:21 GMT
The USD/CNY fix printed at 7.1102, versus a Bloomberg consensus of 7.1831.
- Today's outcome pushes the fixing error (in USD/CNY terms) back out to -729pips. This is below recent wides, but well beyond yesterday's outcome of -444pips.
- The fixing was also set slightly below yesterday's outcome of 7.1107.
- The market reaction has been to push USD/CNH back down through 7.1800. We were above 7.1850 just prior to the fix.
- We touched a low of just under 7.1750, but there hasn't been a great deal of follow through beyond that (last around 7.1785) at the time of writing.