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CNY Fixing - Still Close To Expectations

CNH

The USD/CNY fixing printed at 7.1075, versus a Bloomberg consensus of 7.1083.

  • Today's outcome represents a -8pip surprise in USD/CNY terms. This continues the recent run of slightly weaker than expected fixing outcomes (in USD/CNY terms), but the rolling 5-day error term of the fixing surprise remains a modest -35pips.
  • This push back remains too modest to shift market sentiment towards the currency, at least from the fixing standpoint.
  • USD/CNH sits slightly higher in latest dealings. The pair around the 7.1230/40 region, around +0.05% above NY closing levels. Dips dub 7.1200 have been supported today.

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