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USD/CNY Fixing Back Sub 7.1000, Error Term Noticeably Wider

CNH

The USD/CNY fix was set at 7.0996, versus a Bloomberg consensus of 7.2222.

  • Today's fix was set lower than Friday's (7.1004) despite higher USD/CNY spot levels and a broadly firmer USD backdrop.
  • The fixing error widened noticeably to -1226pips, from -1098pips on Friday. This is fresh wides in the fixing error back to early Nov last year.
  • USD/CNH has fallen sharply post the fix. We hit lows of 7.2580, and track close to this level in recent dealings. Earlier higher were at 7.2820. Broader USD sentiment has also softened. The BBDXY is down 0.10%.

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