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USD/CNY Fixing Above 7.1000, CNH Weakens

CNH

The USD/CNY fix printed at 7.1028, versus a Bloomberg consensus of 7.2457.

  • Today's fix still saw a wide fixing error of -1429pips in USD/CNY terms. Yesterday's outcome was -1465.
  • However, the actual fix was set above 7.1000 for the first time since March 22nd.
  • Today's fix is the highest print since March 1. The upside limit on USD/CNY spot is 7.2449.
  • USD/CNH has spiked higher following the outcome. We got to 7.2831, fresh highs back to mid Nov last year, albeit just. We have settled somewhat since, last near 7.2775. Earlier lows in the pair were just under 7.2600.
  • Focus now will be on how USD/CNY spot opens.

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