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CNY Fixing - Still Close To Neutral Bias


The USD/CNY fixing printed at 7.1281, versus a Bloomberg consensus of 7.1274.

  • Today's outcome represents a +7pip surprise (in USD/CNY terms), which compares to -7pips yesterday.
  • The recent bias has been roughly neutral from a fixing standpoint.
  • USD/CNH was weaker in early trade, dipping sub 7.1300, but we are now back close to 7.1450. Covid developments have been in the form of ramped up PCR testing requirements across a number of cities.

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