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CNY Fixing Still Close To Neutral

CNH

The USD/CNY fixing printed at 6.7222 versus a Bloomberg consensus of 6.7243.

  • Today's outcome represents a -21pip surprise in USD/CNY terms, which compares with -2pips yesterday. The rolling 5-day sum of the error term is at -50pips (form -58pips yesterday).
  • USD/CNH has followed broader USD trends for the most part today. We are down from yesterday's highs near 6.7500, but dips below 6.7400 have been supported so far, as USD sentiment has steadied, largely recouping earlier morning losses.
  • Coming up shortly is the Q4 GDP and Dec monthly activity prints.

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