MNI China Daily Summary: Thursday, December 12

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CNY Fixing Still On The Strong Side

CNH

The USD/CNY fixing came in at 6.9148, versus a Bloomberg consensus of 6.9543. Note the Reuters estimate was much lower at 6.9204, but the actual fixing was still lower than this.

  • Relative to the Bloomberg estimate, the fixing was -395pips in USD/CNY terms, so still leaning heavily against depreciation pressures. Note yesterday's outcome was -454pips.
  • The 5-day sum of the error term is -1375pips, while for the past 10 sessions it is -2176pips. We are at historic wides on both metrics.
  • The USD/CNH reaction has been fairly muted to the fix, the pair continues to track broad USD sentiment during. We were last back under in the low 6.9600 region, down from early highs above 6.9700.
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