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CNY Fixing - Fixing Error Narrows

CNH

The USD/CNY fix printed at 7.1986, versus a Bloomberg consensus of 7.2852.

  • Today's fix represents a -866pip surprise. This compares with yesterday's -1243pip outcome, which was a fresh record wide for the fixing error. Today's fixing is the narrowest since mud August.
  • USD/CNH was tracking lower prior to the fix. From highs near 7.3050, we got to 7.2926. We sit slightly higher now, last near 7.2960/70. A lower fixing error compared to yesterday likely tempering CNH sentiment at the margins.

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