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CNY Fix Not Leaning Heavily Against Depreciation Pressures

CNH

The CNY fix came on the stronger side of expectations again, but only marginally, printing at 6.7290 versus market expectations of 6.7302, a modest 12 pips downside surprise.

  • This is the 7th straight session of a firmer CNY fix relative to market expectations,. However, like yesterday, the difference with market expectations is small.
  • Yesterday we saw a brief pop higher in USD/CNH post the fix, moving above 6.7750, before a sharp pull back to 6.7100. This dip was supported though. The pullback didn't appear to be fundamentally driven, and was seemingly linked to a broader recovery in wider risk appetite.
  • Post today's fix we did see a brief pop higher in USD/CNH above 6.7600, but we are now back below this level.
  • These moves are unlikely to shift the markets mindset of 'buying the dip' from a USD/CNH standpoint as the authorities aren't leaning heavily against depreciation pressures via the fixing bias.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

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