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USD/CNY Fixing Edges Down, Fixing Error Term Narrows Sharply

CNH

The USD/CNY fixing printed at 7.1323, versus a Bloomberg consensus of 7.2154.

  • Today's fixing outcome is only a modest down step in USD/CNY terms (-23pips), despite the -265pip decline in the fixing consensus.
  • The USD/CNY fixing error was -831pips, the narrowest since Feb this year. This error term continues to undertake most of the volatility amid broader USD shifts.
  • USD/CNH moved back above 7.2200 post the fixing outcome, but drew selling interest. The pair was last 7.2170, just up from session lows. The yen continues to strength, now up 0.60%, which is providing a positive spill over for CNH.

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