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CNY Fixing Bias Remains Neutral

CNH

The USD/CNY fix printed at 6.9646, versus a Bloomberg consensus of 6.9641.

  • Today's outcome represents a +5pip surprise in USD/CNY terms. Yesterday's outcome was +6pips, so still very close to neutral.
  • The 5-day rolling sum of the fixing error term is back to -4pips, from -37pips yesterday.
  • USD/CNH has tracked familiar ranges so far today, last just above 6.9720. Dips sub the 6.9700 still appear supported in the near-term.

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