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CNY Fixing Error Nearly Doubles In A Week

CNH

The USD/CNY fixing came in at 6.9098, versus a Bloomberg consensus of 6.9484.

  • Relative to the Bloomberg estimate, the fixing was -386pips in USD/CNY terms. This is slightly firmer compared to yesterday's outcome of -395pips and Wednesday's -454pip outcome.
  • Still, there has been a clear step up in the fixing bias this week. The cumulative error is -1516pips, compared to -870pips for the whole of last week.
  • USD/CNH is lower, post the fix, but broader USD sentiment is also helping (DXY -0.50%). The pair is sub 6.9450, fresh lows back to early Tuesday.
  • Note inflation data is coming up soon. Also note that Monday is a holiday for China.

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