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CNY Fixing Neutral

CNH

The USD/CNY fixing printed at 6.7135, versus a Bloomberg consensus of 6.7137.

  • Today's outcomes represents a -2pip deviation in USD/CNY terms, this compares with Friday's outcome of +7pips.
  • We remain very close to neutral in terms of the daily fixing. The 5-day rolling sum of the error term has nudged back out to -58pips, but continues to hold close to neutral.
  • USD/CNH has found selling interest closer to 6.7200 this morning, but is back closer to 6.7000 now, helped by a turnaround in yen, with USD/JPY back to 127.70, versus earlier highs around 128.20.

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