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CNY Fix Close To Expectations

CNH

The CNY fix was very close to market expectations. The market estimate was 6.6771, versus the actual print of 6.6766.

  • Today's fix saw only a very modest -5pips downside surprise in USD/CNY terms. The 5-day rolling sum for the surprise term is -82pips. This is a firmer lean against depreciation pressures compared to last week, but away from the earlier May level of -186pips from a trend standpoint.
  • Market reaction in USD/CNH has been minimal. We remain above 6.7000, but below the overnight highs of around 6.7200.
  • Focus now moves to Chinese asset performance in the wake of Premier Li’s Wednesday address in front of a large group of policymakers and officials, which highlighted the growth challenges facing China at present. We highlighted this in an earlier bullet.
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