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CNY Fixing A Touch Firmer

CNH

The USD/CNY fixing printed at 6.7518, versus a market estimate of 6.7524.

  • This result represents a very modest -6pip surprise in USD/CNY terms. Recall yesterday's fix was +1pips in terms of surprise.
  • This follows the prior 3 sessions where we had downsides on the fix of more than -20pips, which compares to +7pips a week ago.
  • The 5-day rolling sum of the error term is still negative at -74pips.
  • USD/CNH hasn't reacted much. We sit in the low 6.7400 region at the moment, around 0.20% sub NY closing levels, in line with softer USD sentiment more broadly.

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