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CNY Fixing - Slightly Weaker Relative To Expectations

CNH

The USD/CNY fix printed at 6.9255, versus a Bloomberg consensus of 6.9238.

  • Today's outcome represents a +17pip surprise in USD/CNY terms. Since China markets returned from the May day holiday period the cumulative surprises have been +46pips. So not large, but not push back on CNY depreciation either, which continues to track lower in NEER terms.
  • USD/CNH is sitting slightly higher at the moment, last around 6.9220/30, but the pair has seen offers above 6.9250 today.

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