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CNY Fixing Leans More Aggressive Against Depreciation Pressures In The Past Week

CNH

The USD/CNY fix printed at 7.1186, versus a Bloomberg consensus of 7.2077.

  • In USD/CNY terms this represents a surprise of -891pips, which compares with yesterday's outcome of -950pips, a fresh record wide since Bloomberg started compiling consensus estimates.
  • For the past 5 sessions, the cumulative error term is now at -3785pips, near recent wides for this metric from late September at -3947pips (recorded on the 27th).
  • Today's fixing is just 2pips shy of yesterday's outcome at 7.1188.
  • USD/CNH is down a touch from earlier highs near 7.2660, with the pair last at 7.2590/95. The broader tone in the majors has been a positive one for the USD, although it is away from best levels.

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