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CNY Fixing - Close To Neutral

CNH

The USD/CNY fix printed at 7.0939, versus a Bloomberg consensus of 7.0948.

  • Today's outcome, a -9pip surprise in USD/CNY terms, comes after yesterday's -10pip outcome, but we remain close to neutral. Note that the past week has seen a cumulative error of -20pips, which is negligible from an historical standpoint.
  • USD/CNH has drifted a little higher in the first part of trade today, last above 7.1100, we opened just under 7.1050. The yen has been a touch weaker, while US back end yields have firmed a touch.

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