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CNY Fixing - Stronger Than Expected And Error Term Re-Widens.


The USD/CNY fix printed at 7.1406, versus a Bloomberg consensus of 7.1936.

  • Today's fix was a -530pips surprise in USD/CNY terms. This is wider than the prior two sessions, but sub last Thursday's recent cyclical wide at -680pips.
  • The 5-day rolling sum of the fixing error term is now at -2235pips.
  • USD/CNH pushed up towards 7.1900 in early trade before reversing course sharply. The pair is now back sub 7.1700, around 0.25% firmer in CNH terms versus NY closing levels from Monday. Lows for the session sit at 7.1666, not too far off lows from last week near 7.1640/50.

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