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CNY Fixing Slightly Weaker

CNH

The USD/CNY fix printed at 6.7071, versus a market estimate of 6.7063.

  • Today's fix is a +8pip surprise in USD/CNY terms. Outside of last Friday's -29pip surprise, the general trend has been for positive surprises for the fix in USD/CNY terms (5 out of the last 6 sessions)
  • The 5-day sum of the fixing error is back to +1pip, versus -6 pips on Friday. Hence basically at neutral from a short term standpoint.
  • USD/CNH has generally been supported today following negative weekend headline news. We have pushed up above 6.7050 post the CNY fixing, but there is some selling interest above this level.

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