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CNY Fixing - Slightly Firmer, But Still Close To Neutral


The USD/CNY fixing printed at 6.8643, versus a Bloomberg consensus of 6.8655.

  • Today's fixing represents a -12pip outcome in USD/CNY terms, relative to expectations. This is modestly different from the tail end of last week, where the fixing error was positive.
  • Still, we remain close to neutral in absolute terms. The rolling 5-day sum of the fixing error term is back to -20pips, from -3pips on Friday.
  • USD/CNH got above 6.8800 in early trade, but is now back to 6.8730/40, slightly below NY closing levels from last Friday. As expected, the 5yr and 1yr LPR rates were left unchanged.

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