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USD/CNH Through 7.2000 Post CNY Fix ​​​

CNH

The USD/CNY fixing printed at 7.1107, versus a Bloomberg consensus of 7.1551.

  • The fixing outcome was again stronger than expected, but the error term was much lower at -444pips in USD/CNY terms. This compares with an average of -789pips for the previous 5 sessions.
  • This is a fresh high in the fixing since the start of June 2020. The CCF didn't produce a huge change in the fixing estimate (7.1551 today, versus 7.1563 yesterday).
  • This result, coupled with another firm rising relative to yesterday's fixing (+ 0.54%), has seen USD/CNH break to fresh record highs.
  • The pair is through 7.2000, touching a high just under 7.2100. The focus now shifts to onshore spot and whether we break through this level.
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