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Today's USD/CNY mid-point fixing was not quite as low as the median estimate provided to BBG. Although the deviation wasn't large in historical terms, it perhaps provided an initial sign that the PBoC may not be willing to let USD/CNY trade too much lower.

Fig 1. USD/CNY Vs. Differential Between USD/CNY Mid-Point Fixing & BBG Survey Estimate

Source: MNI Market News/Bloomberg

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |
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