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CNY Fixing Still Holding Close To 7.1100 Level


The USD/CNY fixing printed at 7.1086, versus a Bloomberg consensus of 7.1590.

  • In USD/CNY terms, this is a surprise of -504pips. This compares with yesterday's fresh record wide of -882pips. The rolling 5-day sum of surprises sits just under -3000pips, we were at -2149pips on the metric at the end of last week.
  • The actual fixing is not drifting too far away from the 7.1100 level. Note today's +2% upside limit in onshore USD/CNY is just above 7.2500.
  • As was the case yesterday, the fixing outcome hasn't produced a huge USD/CNH reaction. If anything, we are slightly higher near 7.2100, but the USD has also clawed back some losses against the majors, so that has probably been an influence as well.

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