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CNY Fixing - Small Downside Miss

CNH

The USD/CNY fix printed at 6.7731, versus a market estimate of 6.7718.

  • Today's fix represents a +13pip upside surprise in USD/CNY terms. This comes after yesterday's -10pip surprise, although we had modest positive surprises for the previous 4 sessions before yesterday’s outcome.
  • The 5-day rolling sum of the error term is slightly higher at +33pips, versus +25pips yesterday. This is highs for this metric going back to mid-July.
  • USD/CNH has edged a little higher post the fix. We are back to 6.7665, up from around 6.7630 just prior to the print.
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