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CNY Fixing - Fixing Error Back Out Beyond -1000pips

CNH

The USD/CNY fix printed at 7.1788, versus a Bloomberg consensus of 7.2880.

  • Today's fix is a -1092pip surprise in USD/CNY terms. Just below the record wide recorded on August 22.
  • This comes on the heals of the lower forex reserve requirement announcement earlier (which was cut to 4% from 6%) for onshore banks.
  • USD/CNH is tracking sharply lower, now under 7.2500, with lows at 7.2475 recorded after the fixing result. We opened the session near 7.2755.

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