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Post-LIBOR Settle Update: Implied Hike Holding Steady


December Trade Surplus Wider Than Expected


SONIA FIX - 27/01/23

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CNY Fixing Surprise Much More Modest, But In Line With Stronger Spot Levels


The USD/CNY fixing printed at 7.1570, versus a Bloomberg consensus of 7.1629

  • Today's outcome represents a -59pip surprise in USD/CNY terms. This compares with yesterday's outcome of -843pips. Today’s fixing surprise is the smallest since late August.
  • Still, it needs to be seen in the context of much lower spot levels. USD/CNY spot closed at 7.1730 yesterday. The authorities will likely be hoping that spot and the fixing rate can be more closely aligned with each other going forward. Spot had been threatening the topside of the daily trading limit (+2% above the fixing level) in recent sessions.
  • USD/CNH moved higher post the fixing, spiking above 7.1900, but we are now back below 7.1800. Earlier session lows come in close to 7.1660.

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