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CNY Fixing - Record Wide Fixing Error, But USD/CNH Pushes Higher

CNH

The USD/CNY fix printed 7.1969, versus a Bloomberg consensus of 7.3108.

  • Today's fix represents a -1139pip surprise in USD/CNY terms. This is a fresh record wide in the fixing error, (per Bloomberg estimates).
  • Note the upside cap on USD/CNY today is 7.3408.
  • USD/CNH spot has moved higher, even after the fixing outcome. The pair tracking near 7.3220 currently (high of 7.3245). We opened around 7.3055. This is fresh highs back to August 21, while YTD highs rest at 7.3497.

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