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CNY Fixing - Record Wides On Error Term

CNH

The USD/CNY fixing printed at 7.2006, versus a Bloomberg consensus of 7.3047.

  • Today's fix represents a -1041pip surprise in USD/CNY terms, the largest on record per Bloomberg reports. The chart below plots USD/CNH against the daily USD/CNY fixing error. The 5-day rolling sum of the fixing error also widened to -4081.
  • USD/CNH is tracking lower post the fix. Earlier we saw some USD demand emerge sub the 7.2900 level, but the pair has now made fresh lows to 7.2866. We sit slightly higher in latest dealings.

Fig 1: USD/CNH & USD/CNY Fixing Error

Source: MNI - Market News/Bloomberg

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