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CNY Fixing: Bias Remains Firmer

CNH

The USD/CNY fixing printed at 6.9650, versus a Bloomberg consensus of 6.9691.

  • Today's outcome represents a -41pip surprise in USD/CNY terms. This compares with yesterday's result of -27pips.
  • The fixing bias remains skewed to the downside in USD/CNY terms. Today's result was the widest outcome relative to expectations since late November. The 5-day rolling sum of the error term also widened slightly to -82pips.
  • USD/CNH has dipped slightly following the outcome but hasn't seen much follow through, last near 6.9650 (earlier highs were close to 6.9670). Lows in US trading couldn't stretch much beyond the 6.9560/70 region, so this is likely to be the focus point on the downside.
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