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Eleventh Straight Fix Above Estimates For USD/CNY

CNH

Constructive risk tone has seen USD/CNH move lower as the yuan advances, the pair last 6.4659 – down around 82 pips.

  • The PBOC injected CNY 78bn via OMO's, the third consecutive session of net injections after repo rates spiked to multi year highs.
  • The bank fixed USD/CNY at 6.4736, another fix above sellside estimates for the eleventh straight session, bringing total misses in Feb to +33 pips (Jan +284 pips, Dec +133 pips)
  • Alongside the PBOC injecting funds to help alleviate the liquidity crunch the risk tone is supported by comments from a senior Chinese diplomat who said the relationship between the US and China should be put back on a more constructive track. Elsewhere, positive developments around a coronavirus relief package also spurred risk as dragged USD lower.
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