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CNY Fixing - Still Close To Neutral

CNH

The USD/CNY fix printed at 6.8679, versus a Bloomberg consensus of 6.8686.

  • Today's fix is a -7pip surprise in USD/CNY terms. This takes the 5-day sum of the fixing error term to -35pips, we were at -50pips on Friday.
  • USD/CNH is trading with a firmer bias, back above 6.8800, +0.10% firmer versus closing levels from Friday. This is in line with further USD gains in the first part of trading today.
  • As expected, the 1yr MLF rate was left unchanged at 2.75%.

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