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CNY Fixing Bias Not Halting USD/CNH Ascent

CNB

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.
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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.