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CNY Fixing - Fixing Stronger Than Expected

CNH

The USD/CNY fix printed at 7.1418, versus a Bloomberg consensus of 7.1797.

  • Today's fixing outcome is a -379pip surprise in USD/CNY terms. This is similar to yesterday's outcome of -414pips. The past week has seen a cumulative -1505pips in terms of fixing error surprises.
  • This is slightly wider than the prior week (-1324pips). The authorities seem resistance to sharp move higher in USD/CNY through the 7.2000 level.
  • The early tone today in USD/CNH has been to the downside. The pair is back to 7.1600 currently, slightly above session lows (7.1563), but still 0.30% sub NY closing levels. The broader tone has been slightly risk on which has likely helped CNH sentiment.

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