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CNY Fixing - Stronger Bias, But Error Term Narrows

CNH

The USD/CNY fixing printed at 7.1527, against a Bloomberg consensus of 7.1615.

  • Today's fix is a -88pip surprise in USD/CNY terms. So still biasing CNY stronger, but this is the narrowest gap on the fixing error since 28th June.
  • The authorities may be more comfortable with the USD/CNY backdrop, now that we have moved away from recent highs.
  • USD/CNH is slightly higher post the fixing outcome, edging back above 7.1700. Lows for today printed near 7.1600.

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