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CNY Fixing - Close To Neutral

CNH

The USD/CNY fix printed at 6.8183, versus a Bloomberg consensus of 6.8189.

  • Today's fixing represents a -6pip surprise in USD/CNY terms. This compares with yesterday's -19pip outcome, so a closer to a neutral outcome. The 5-day rolling sum of the fixing error term is at -31pips now, little changed from yesterday's reading.
  • USD/CNH is slightly lower in the first part of trade today. The pair is back closer to 6.8300. Some positive spill over from firmer yen levels is likely helping.
  • The 1yr MLF rate was unchanged at 2.75%.

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