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CNY Fixing - Close To Steady, PBoC Vows TO Prevent Excessive FX Adjustments

CNH

The USD/CNY fix printed at 7.1717, versus a Bloomberg consensus of 7.3071.

  • Today's fix represents an -1354pip surprise in USD/CNY terms, versus yesterday's -1406pip outcome.
  • USD/CNH sits off session highs, last near 7.3100. Earlier highs were at 7.3174, amid on-going USD gains.
  • Headlines have cross from the PBoC that it will step up policy coordination. It has also stated it will prevent excessive adjustment in the exchange rate. This has helped trim USD/CNH gains.

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