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CNY Fixing - Slightly Firmer, But USD/CNH Still To Fresh Highs ​​​​


The USD/CNY fix printed at 7.0356, versus a Bloomberg consensus of 7.0376.

  • Today's fix represents a -20pip surprise. This compares with yesterday's outcome of -34pips.
  • The past week has delivered a cumulative -58pips in fixing surprises in USD/CNY terms. So a modest lean against CNY depreciation pressures. Still, the fixing error is well below levels that we saw in the second half of 2022.
  • USD/CNH is higher post the fix. We were sub 7.05 but now tracking to fresh highs above 7.0600.

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