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CNY Fixing - Close To Neutral

CNH

The USD/CNY fix printed at 7.1667, versus a Bloomberg consensus of 7.1674.

  • Today's outcome is a -7pip surprise (in USD/CNY terms), versus a -41pip outcome yesterday.
  • The last two sessions have reversed the trend from late last week, where the authorities were leaning against depreciation pressures more aggressively via the fixing outcome.
  • The early tone in USD/CNH had been to the downside. The pair got to the low 7.1600 region, amid broad USD weakness, after opening closer to 7.1800. We have stabilized somewhat post the fix. We are now back close to 7.1650.

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