MNI China Daily Summary: Friday, February 3

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CNY Fixing - Slightly Firmer Bias

CNH
EM BulletFixed Income NewsHomepageBulletMarketsEmerging Markets NewsForeign Exchange News

The USD/CNY fixing printed at 7.2189, versus a Bloomberg consensus of 7.2275.

  • Today's outcome is a -86pip surprise in USD/CNY terms, this compares with yesterday's -69pips.
  • The fixing error is slightly larger, but still well below recent wides from late October.
  • USD/CNH has been drifting higher since the start of the session, although couldn't get beyond the 7.2475 level. We are now back sub 7.2400 though.
  • Onshore covid cases continue to rise, while the city of Guangzhou has locked down a second part of the city.
  • Coming up shortly is CPI and PPI prints for October.
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The USD/CNY fixing printed at 7.2189, versus a Bloomberg consensus of 7.2275.

  • Today's outcome is a -86pip surprise in USD/CNY terms, this compares with yesterday's -69pips.
  • The fixing error is slightly larger, but still well below recent wides from late October.
  • USD/CNH has been drifting higher since the start of the session, although couldn't get beyond the 7.2475 level. We are now back sub 7.2400 though.
  • Onshore covid cases continue to rise, while the city of Guangzhou has locked down a second part of the city.
  • Coming up shortly is CPI and PPI prints for October.