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USD/CNY Fixing Down A Touch, USD/CNH Rises

CNH

The USD/CNY fix printed at 7.1346, versus a Bloomberg consensus of 7.2419.

  • Today's fixing delivered a -1073pip surprise in USD/CNY terms, slightly tighter than yesterday's -1228pip outcome.
  • Given the drop in the market estimate (7.2419 today versus 7.2592 yesterday), yuan bulls may have been a little disappointed by the modest dip in the actual fixing outcome (yesterday's fix was 7.1364, so a 18pip drop).
  • USD/CNH has risen post the fixing result, back up to 7.2320/25. Earlier lows were at 7.2252. The CNH is still stronger on day (+0.15%) thanks to continued yen gains. USD/CNH opened near 7.2440.

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