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.

EM Bullet Fixed Income News Homepage Bullet Markets Emerging Markets News Foreign Exchange News

Jonathan Cavenagh

EM Bullet Fixed Income News Homepage Bullet Markets Emerging Markets News Foreign Exchange News

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