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CNY Fixing - Fresh Record Wide Error Term, But USD/CNY Fixing Level Ticks Higher

CNH

The USD/CNY fixing printed at 7.1798, versus a Bloomberg consensus of 7.3224.

  • Today's fix represents a -1426pip surprise in USD/CNY terms. This is a fresh record wide for the fixing error (Monday's of -1406pips was the previous record wide).
  • The actual fix did finally tick higher to 7.1798, ending the recent run of very steady outcomes in the 7.1720/30 region. The upside in USD/CNY today is capped at ~7.3234.
  • Note this will be the last fix for more than a week, as China markets close tomorrow (for the Golden week holiday period), re-opening on October 9th.
  • USD/CNH has drifted a touch lower in the first part of dealing today. The pair last near 7.3200, we opened near 7.3240. Lows have been at 7.3175. Broader USD sentiment has been a touch softer in early dealings.

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