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CNY Fixing Still Edging Weaker, But No Impact On CNH Sentiment

CNH

The USD/CNY fix printed at 6.7813, versus a market estimate of 6.7806.

  • Today's fix is another modest upside surprise in USD/CNY terms (+7pips). This follows yesterday's outcome of +13pips.
  • The 5-day rolling sum of the error term eased back to +48pips from +54pips yesterday.
  • USD/CNH is weaker today, despite a generally firmer USD tone elsewhere, although the dollar is away from best levels. USD/CNH is back sub 6.7700, with near term selling interest present on moves towards 6.7800.
  • There was little impact from the fix, with focus remaining on Pelosi's trip to Taiwan. China has announced further bans on certain Taiwan exports (sand and some fish and fruit products), along with strong rhetoric around punishment for those who support Taiwan independence.
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