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CNY Fixed Stronger Than Expected

CNH

The CNY fixing printed at 6.6811, slightly below market expectations at 6.6832.

  • This leaves a slightly larger downside surprise in USD/CNY terms of -21 pips, which is still very modest but a slight shift on recent trends. We have to go back to May 25th to see a larger downside surprise (-38pips).
  • The 5-day MA of the error term has shifted back into negative territory at -17pips, from +7pips yesterday.
  • USD/CNH has edged away from the session highs of just below 6.7100, dipping to 6.7040 post the fix, but there has been little follow through at this stage.
  • Market sentiment remains jittery after the authorities announced several districts in Shanghai would be placed in lockdown this weekend for mass Covid testing.
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