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CNY Fixing: Slightly Weaker Than Expected

CNH

The USD/CNY fix printed at 6.9746, versus a Bloomberg consensus of 6.9733.

  • Today's outcome represents a +13pip surprise in USD/CNY terms. This bucks the recent trend of surprises, which have been negative, albeit fairly close to neutral relative to expectations.
  • There was little change in the 5-day rolling sum of the fixing error term, now at -67pips, versus -68pips on Friday.
  • USD/CNH has tracked modestly lower in the first part of trading, albeit underperforming the softer USD trend seen against the majors. The pair was last at 6.9730/35, unable to test sub 6.9700 at this stage.

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