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USD/CNY Fixing Dips, Error Term Narrows

CNH

The USD/CNY fix printed at 7.1415, versus Bloomberg's consensus estimate of 7.1500.

  • Today's fixing was a step lower from yesterday's outcome (7.1479). The fixing error narrowed sharply to -85pips in USD/CNY terms. We have to go back to July last year for a narrower term.
  • We are seeing convergence between the fixing and onshore/offshore spot trends.
  • USD/CNH is slightly offered following the fixing result, testing back under 7.1450.

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