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CNY Fixing In Line With Estimates

CNH

The USD/CNY fix printed at 6.7413, versus a market estimate of 6.7415.

  • Today's fix is very close to market expectations.
  • The 5-day rolling sum of the error term has nudged a little higher though to +39pips from +30pips yesterday. This reflects last Friday's slightly downside surprise (-11pips in USD/CNY terms) rolling out of the calculation. So, for the past week the bias has been skewed to slightly higher USD/CNY levels, but we remain well within recent ranges for this metric.
  • CNH has slightly outperformed broader USD strength today. USD/CNH sits unchanged presently, just under 6.7430. The DXY is +0.10% for the session so far.
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