Free Trial

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

CNH

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.