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CNY Fix Takes Shine Off Risk FX Rebound

CNH

The CNY was fixed marginally weaker relative to market expectations, ending a 9 session run of stronger fixes. The fix printed at 6.7871, versus the 6.7864 market consensus.

  • Today's surprise is only a modest one, +7pips in USD/CNY terms. For the previous 9 sessions the average surprise had been -36pips, with last Friday's the largest at -69pips.
  • This may have surprised the market a little, particularly after onshore spot broke above 6.8000 in early trading on Friday. The sense may have been to lean against further depreciation pressures, at least in the short term.
  • USD/CNH has rebounded from 6.7835/40 to 6.7940-50. Risk currencies like AUD and KRW are also off their session highs.
  • Focus now shifts to the onshore spot open and the April run of activity data.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletFixed Income BulletsHomepagemarkets-real-timeBulletMarketsEmerging Market NewsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletFixed Income BulletsHomepagemarkets-real-timeBulletMarketsEmerging Market NewsForeign Exchange Bullets

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