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CNY Fixing - No Push Back On Fresh Depreciation Pressures

CNH

The USD/CNY fix printed at 6.9237, versus a Bloomberg consensus of 6.9226.

  • Today's fixing outcome represents a +11pip surprise. This compares with -24pips yesterday. This takes the rolling 5-day sum of the fixing error term to -19pips, we were at -31pips yesterday.
  • At face value, there is no push back on renewed depreciation pressures, at least via the fixing bias at this stage. They may change if we get closer to the 7.00 handle.
  • USD/CNH is pushing higher post the fix. We touched a high just above 6.9430, but there hasn't been much follow through beyond this initial move. We were sub 6.9400 prior to the fix.
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