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CNY Fixing Slightly Firmer

CNH

The USD/CNY fix printed at 6.7405, versus a market estimate of 6.7416.

  • Today's fix is a -11pip surprise in USD/CNY terms, but the divergence between fixing outcomes and market expectations remains very modest overall.
  • The 5-day rolling sum of the error term has moved back down to +18pips today from +44pips yesterday.
  • USD/CNH has dipped below 6.7500, sub overnight lows, with the pair last at 6.7480. The fixing might have helped at the margin, although broader FX sentiment has turned more risk positive, so that's likely helping as well.

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