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CNY Fixing Surprise Back To A Fresh Record Wide, Still Sub 7.1100


The USD/CNY Fix printed at 7.1095, versus a Bloomberg consensus of 7.1977.

  • Today's outcome is a -882pip surprise in USD/CNY terms is -882pips, fresh record wides since Bloomberg started compiling consensus estimates. Note we got to -850pips for this metric on September 22.
  • The actual fixing remains under 7.1100, so there is clear intent not to break above current levels, at least in the near term. Since late September, the fixing has essentially flat-lined around this level.
  • The reaction in USD/CNH has been muted though. We hold around 7.2200, up from earlier lows sub 7.2100.

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