September 21, 2022 01:21 GMT
The USD/CNY fixing printed at 6.9536, versus a Bloomberg consensus of 7.0161.
- This pushes the error term, in USD/CNY terms, back out to -625pips, against -516pips yesterday. We are just shy of Monday's -647pip surprise.
- The trend in terms of the fixing error continues to lean against depreciation pressures, but is producing limited reaction in USD/CNH.
- USD/CNH is above 7.0350 now, which is slightly above overnight highs. Note the high from late last week comes in close to 7.0430.