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USD/CNH Bid Post Lower CNY Fixing Error

CNH

The USD/CNY fixing printed at 7.0998, versus a Bloomberg consensus of 7.1556.

  • Today's outcome leaves a fixing error of -558pips in USD/CNY terms. This compares with yesterday's outcome -729pips.
  • The 5-day rolling some of the fixing error term is back to -3365pips, away from recent wides of -3947pips.
  • Today's outcome is a little surprising in that we didn't see a larger fixing error. Still, it is comfortably below yesterday's outcome of 7.1102.
  • The market has pushed USD/CNH higher post the fix. Last just above 7.1170 (versus sub 7.1100 prior). The focus will be on whether we can push back above the 7.1500 levels (highs that held overnight post the intervention warning).
  • Coming up shortly is the September PMI prints.
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