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CNY Fixing Close to Neutral

CNH

The USD/CNY fix printed at 6.7246, versus a market estimate of 6.7248.

  • Today's fix is a -2pip surprise in USD/CNY terms. We have seen positive surprises in the first two fixings of this week, so this reverses that trend somewhat.
  • The 5-day sum of the fixing error is back to +6pips from +15pips yesterday. The longer term sums of the fixing error are also getting back close to flat. The 10 day is at +33pips, the 15 day -12pips.
  • USD/CNH is little changed post the fix. The pair is back to 6.7120, following an early spike to 6.7170. We remain very much within recent ranges.
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The USD/CNY fix printed at 6.7246, versus a market estimate of 6.7248.

  • Today's fix is a -2pip surprise in USD/CNY terms. We have seen positive surprises in the first two fixings of this week, so this reverses that trend somewhat.
  • The 5-day sum of the fixing error is back to +6pips from +15pips yesterday. The longer term sums of the fixing error are also getting back close to flat. The 10 day is at +33pips, the 15 day -12pips.
  • USD/CNH is little changed post the fix. The pair is back to 6.7120, following an early spike to 6.7170. We remain very much within recent ranges.