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USD/CNY Fixing Error Tightens Noticeably

CNH

The USD/CNY fix printed at 7.1020, versus a BBG consensus of 7.2016.

  • Today's outcome saw a meaningful tightening in the fixing error. We printed at -996pips in USD/CNY terms, which is the tightest level since March 21.
  • The actual fix dipped from yesterday's 7.1049 outcome, but more broadly remains within recent ranges.
  • USD/CNH did rise above 7.2100 post the fixing, but has found selling interest above this level. Some in the market may have been looking for a fixing result sub 7.1000.

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