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Will The USD/CNY Fixing Be Above 7.00 Today?

CNH

USD/CNH had just over a 400pip range post the Asia close. From a high just above 7.1000 we got down close to 7.0600. Like elsewhere though, the pair rebounded from its lows and currently sits just above 7.0800. There is no data out today, but some focus will likely rest on the CNY fixing.

  • There were further calls from the China State Council to support the growth outlook. Premier Li called on local governments to step up policy implementation to stabilize the economy. Note no major data is out until Industrial profits, which print next Tuesday.
  • The China Golden Dragon Index continued to weaken overnight, down a further -0.61%, following Wednesday's loss of 5.89%. Broader tech has suffered since the Fed hike earlier this week.
  • Also note, US auditors arrived in HK this week to begin audit inspections of China companies listed in the US. A US regulator warned that inspectors must get full access to audit documents, as per the preliminary agreement reached between the two countries on August 26.
  • Yesterday's USD/CNY fixing came in at 6.9798, while the 4:30pm onshore spot level was 7.0810, so the focus is likely to rest on whether the fixing comes in above 7.00.
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