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CNY Fixing - Modest Leaning Against Depreciation Pressures

CNH

The CNY fixing printed at 6.6994, versus market expectations of 6.7017

  • This leaves another downside surprise of -23pips in USD/CNY terms. This follows yesterday's -21pip downside surprise.
  • This brings the cumulative surprises for the week back to -47pips. This is back to the wides from the end of May. So, a very modest lean against depreciation pressures, but nevertheless a shift compared to the trends in early June, when we were around flat on this metric.
  • USD/CNH is back sub 6.7000, but hasn't seen a great deal of reaction to the fixing.
  • Coming up shortly is the PPI and CPI prints for May.
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