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CNY Fixing - Still Around Neutral

CNH

The USD/CNY fixing printed at 7.1115, against a Bloomberg estimate of 7.1121.

  • This represents a -6pip surprise in USD/CNY terms. For the past 5 sessions, the cumulative fixing error is -20pips, so very close to neutral.
  • USD/CNH is tracking higher in latest dealings, last near 7.1250, Earlier lows were at 7.1166. The USD is firmer against the majors, so that is likely lending some USD support against CNH. Coming up shortly is the May inflation data.

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