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USD/CNY Fixing - Another Fresh Cyclical High


The USD/CNY Fixing printed at 7.2081, versus a Bloomberg consensus of 7.2777.

  • Today's outcome is a -696pip surprise, again wider compared to recent sessions, but below record wides.
  • Still, the market has been trading off the actual fixing level more than the deviation relative to expectations. Today's fix was +0.44% above yesterday's outcome and another fresh cyclical high going back to early 2008.
  • USD/CNH has bounced on the back of this. The pair rose through 7.3500, to a high of 7.3542, but we are now back below 7.3500. Fresh record highs in the pair aren’t too far away near 7.375.
  • The next focus point will be how onshore spot opens up, followed by the Caixin manufacturing PMI print.

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