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CNY Fixing Weaker Than Expected

CNH

The USD/CNY fix printed at 6.6986, versus a market estimate of 6.6967.

  • Today's fix is a +19pip surprise in USD/CNY terms. This comes on the back of yesterday's modest upside surprise of +8 pips. Note, with USD/JPY back above 136.00 this morning that may have driven a slightly firmer bias in the fixing from a USD/CNY standpoint.
  • The 5-day sum of the fixing error is back to +15pips from flat yesterday.
  • USD/CNH is a little higher off the session lows, tracking back to 6.6950 currently.

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