April 18, 2024 01:19 GMT
USD/CNY Fixing Steady, Error Term Tightens
CNH
The USD/CNY fix was 7.1020, against a Bloomberg consensus of 7.2299.
- The fixing error was tighter at -1279pips in USD/CNY, versus -1394pips yesterday. Still, the actual fixing was very close to yesterday's outcome (7.1025). We haven't deviated much in the fixing outcome since moving above 7.1000 on Tuesday.
- USD/CNH is slightly higher post the fix, perhaps owing to some disappointment of not seeing a lower USD/CNY fixing outcome.
- Still, at 7.2455/60, the pair is close to unchanged for the session.
- Earlier PBoC comments vowed to prevent overshooting of the exchange rate.
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