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USD/CNY Fixing Error Widens, Fixing Steady

CNH

The USD/CNY fix printed at 7.1027, versus a Bloomberg consensus of 7.1985.

  • The fixing error widened to -958pips, versus -870pips yesterday. This is the widest fixing error since Feb 5.
  • The actual fixing was only 7pips above yesterday's outcome. So very much a steady approach to the fixing outcome.
  • USD/CNH is close to unchanged in the first part of dealing today, with the pair last near 7.2100. headlines from the NPC have crossed, with few surprises so far relative to expectations. A growth target of around 5% was in line with consensus expectations. The authorities also vowed to keep the CNY basically stable.

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