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CNY Fixing Back To Stronger Than Expected

CNH

The USD/CNY fixing printed at 6.6923, versus a market estimate of 6.6944.

  • This result represents a downside surprise of -21pips in USD/CNY terms. Yesterday we had a modest upside surprise of +11 pips, so a modest reversal.
  • For the week, we have seen a modest leaning against depreciation pressures, with -40pips in terms of the 5-day rolling sum of the error term.
  • USD/CNH has spent much of the morning session pushing higher to 6.7050 from sub 6.6900, in line with higher USD/JPY levels. We have moved slightly lower post the fix but remain above 6.7000 for now.
  • CNH sentiment is likely to be dominated by yen moves today, albeit with a beta less than 1.
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