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CNY Fixing - Sticking Close To Neutral

CNH

The USD/CNY fix printed at 7.0542, versus a Bloomberg consensus of 7.0568.

  • This delivers a -26pip surprise in USD/CNY terms, a slightly wider outcome compared to yesterday (-9pips).
  • Still the trend in the fixing trend for the past 5-days has been moderating, now back to -226pips.
  • USD/CNH is down slightly off intra-day highs, last around 7.0470, compared with earlier highs close to 7.0525. This is more reflective of a slight downtick in national covid cases rather than the fixing outcome.

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