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CNY Fixing Modestly Firmer

CNH

The USD/CNY fix printed at 6.6960 versus a market estimate of 6.6965.

  • Today's fix was a -5pip surprise in USD/CNY terms. This follows Friday's +5pip surprise. So flat for the past two sessions on this basis.
  • The 5-day sum of the fixing error is back to +34pips from +47pips for last week. So, we are still positive in terms of this metric but down slightly from last week's recent highs
  • USD/CNH has pushed higher today, back above 6.6900 (last 6.6950). There has been some selling interest closer to 6.6980. CNH is still outperforming broader USD strength though. EUR is off 0.35% so far today, while the yen has lost 0.45%. CNH is only 0.13% weaker against the USD at this stage.

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