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CNH: USD/CNY Fixing Remains Above 7.1700 Despite USD Weakness

CNH
EM BulletAPACChinaEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

The USD/CNY fixing printed at 7.1706, versus a Bloomberg consensus of 7.2769.

  • This keeps the fixing well within recent ranges. Note Monday's fix was 7.1707, so little net change over the past week.
  • The error term narrowed to -1063pips, from -1386pips. This largely reflected the lower market estimate.
  • At the margin we might have expected the fixing to pull back under 7.1700 given USD weakness on Thursday. The fact that it didn't could be construed as marginally yuan bearish.
  • Still, USD/CNH hasn't moved much post the fixing, last near 7.2800. It is underperforming a softer USD/JPY trend so far today. 
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The USD/CNY fixing printed at 7.1706, versus a Bloomberg consensus of 7.2769.

  • This keeps the fixing well within recent ranges. Note Monday's fix was 7.1707, so little net change over the past week.
  • The error term narrowed to -1063pips, from -1386pips. This largely reflected the lower market estimate.
  • At the margin we might have expected the fixing to pull back under 7.1700 given USD weakness on Thursday. The fact that it didn't could be construed as marginally yuan bearish.
  • Still, USD/CNH hasn't moved much post the fixing, last near 7.2800. It is underperforming a softer USD/JPY trend so far today.