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CNY Fixing Close To Neutral, USD/CNH Back Above 6.8900

CNH

The USD/CNY fix printed at 6.9149, versus a Bloomberg consensus of 6.9159.

  • Today's outcome represents a -10pip surprise in USD/CNY terms. We were at -16pips yesterday. This leaves the rolling 5-day sum of the fixing error term at -26pips, little change from levels yesterday.
  • USD/CNH was offered in the first part of trade, touching a low of 6.8846, but we now sit back above 6.8900. The pair has followed USD/JPY to some degree, with yen losing some safe haven appeal after Credit Suisse borrowed CHF50bn from the SNB, which drove a broad rebound in risk appetite.

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