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USD/CNY Fixing Only Down A Touch, Leaving CNH Vulnerable To Further Underperformance

CNH

The USD/CNY fixing was set at 7.1305, versus a Bloomberg consensus of 7.2655.

  • This is down a touch from yesterday's outcome of 7.1312. The fixing error was slightly wider at -1350pips, versus -1319pips yesterday.
  • The fixing estimate was still higher than yesterday's 7.2631 projection, with onshore spot moves potentially outweighing broader USD estimates.
  • Such a fixing outcome is unlikely shift bearish yuan sentiment. USD/CNH is relatively steady, last near 7.3010, underperforming the softer USD trend seen against the majors.
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The USD/CNY fixing was set at 7.1305, versus a Bloomberg consensus of 7.2655.

  • This is down a touch from yesterday's outcome of 7.1312. The fixing error was slightly wider at -1350pips, versus -1319pips yesterday.
  • The fixing estimate was still higher than yesterday's 7.2631 projection, with onshore spot moves potentially outweighing broader USD estimates.
  • Such a fixing outcome is unlikely shift bearish yuan sentiment. USD/CNH is relatively steady, last near 7.3010, underperforming the softer USD trend seen against the majors.