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CNY Fixing - Still At Neutral

CNH

The USD/CNY fix printed at 6.9240, versus a Bloomberg consensus of 6.9236.

  • Today's fix represents a +4pip surprise in USD/CNY terms, so very close to neutral.
  • The fixing bias hasn't been leaning against depreciation pressures this past week. The rolling 5-day sum of the fixing error term sits at -13pips, so also very close to neutral.
  • USD/CNH is a touch higher currently. Earlier lows were just under 6.9280, but we currently sit around 6.9320/30.
  • Note today's fix is the last until next Thursday, as China markets are closed for the May day holiday period in the first 3 days of next week.

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