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CNY Fixing Bias Returns To Recent Wides

CNH

The USD/CNY fixing printed at 7.1638 versus a Bloomberg consensus of 7.2481.

  • Today's outcome represents a surprise of -843pips in USD/CNY terms. This is step up on yesterday's outcome of -530pips, although we are away from recent record wides (-950pips on the 20th of October).
  • Note the upside limit for onshore spot today is around 7.3071, so slightly lower than yesterday's ceiling, as today's fixing outcome is a touch lower (7.1668 was yesterday's print).
  • USD/CNH has been on the front foot for much of the session, but is now lower post the fix. We printed a high just above 7.3400, but we are now back to the low 7.3200 region.
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