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CNY Fixing Once Again Close to Neutral

CNH

The USD/CNY fixing printed at 6.7000, versus a market estimate of 6.7008.

  • In USD/CNY terms today's fixing surprise is a modest -8pips, similar to yesterday's outcome of -5 pips.
  • The sum of the error term for the week is a modest -15pips, compared with -40pips for last week.
  • USD/CNH has dipped below the overnight lows around 6.6950, last tracking at 6.6925.
  • In terms of downside levels in USD/CNH, note the pair troughed around the 6.6700 level on two occasions earlier this week.

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