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USD/CNY Fixing Steady, CNH Weakens Modestly On Larger 5yr LPR Cut

CNH

The USD/CNY fix printed at 7.1068, versus a Bloomberg consensus of 7.1979.

  • Today's fix represents a -911pip surprise in USD/CNY terms, very similar to yesterday's outcome.
  • The fixing outcome also stayed within recent ranges.
  • USD/CNH did spike on the news around the 5yr LPR cut, which was slashed by 25bps to 3.95%. The consensus expectation was 4.10%. The 1yr LPR was left unchanged at 3.45%.
  • From highs of 7.2185, USD/CNH sits back at 7.2155 now.

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