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CNY Fixing Bias Neutral

CNH

The CNY fixing printed at 6.6634, very close to the 6.6631 expected by the market.

  • This leaves a very modest error term of +3pips in USD/CNY terms. This comes after yesterday's +11pip deviation.
  • The 5-day MA of the error term remains at a benign +7pips, we have been fairly close to flat on this term for the past week or so. Hence very much a neutral bias from this standpoint.
  • USD/CNH has had a quiet start to the day, oscillating around the 6.6700 level. We currently track slightly above this level. Post the Asia close yesterday we ran out steam close to 6.6900.
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