CNH: USD/CNY Fixing Edges Down, Fixing Error Positive

The USD/CNY fix printed at 7.2008, versus a BBG market consensus of 7.2465.

• Today's fix is only a touch below last Wednesday's 7.2014 outcome (before onshore markets went on holiday). This does little to provide fresh bullish sentiment for CNH, at least at face value.
• The fixing error was -457pips, versus -664pips last Wednesday.
• USD/CNH is firmer, the pair last near 7.2270/75, just short of session highs (7.2283). The pair opened closer to 7.2000. 

The AOFM sells A$300mn of the 4.75% 21 June 2054 Treasury Bond, #TB169:

• Average Yield (%): 4.9633 (prev. 4.9874)
• High Yield (%): 4.9700 (prev. 4.9925)
• Bid/Cover: 2.4833x (prev. 2.7067x)
• Allotted at Highest Accepted Yield as % of Bid at that Yield (%): 100 (prev. 48.0)
• Bidders: 57 (prev. 58), 26 successful (prev. 30), 26 allocated in full (prev. 21)

Taiwan has experienced very strong inflows as signs of a thawing in the trade war resonate with investors. 

• South Korea: Recorded outflows of -$65m as of Friday, bringing the 5-day total to +$722m. 2025 to date flows are -$12,329m. The 5-day average is +$144m, the 20-day average is -$254m and the 100-day average of -$144m.
• Taiwan: Had inflows of +$779m as of yesterday, with total inflows of +$2,397m over the past 5 days. YTD flows are negative at -$16,436. The 5-day average is +$479m, the 20-day average of +$91m and the 100-day average of -$164m.
• India: Had inflows of +$335m as of the 2nd, with total inflows of +$1,515m over the past 5 days.  YTD flows are negative -$11,931m.  The 5-day average is +$303m, the 20-day average of +$43m and the 100-day average of -$106m.
• Indonesia: Had inflows of +$5m as of yesterday, with total inflows of +$12m over the prior five days.  YTD flows are negative -$3,050m.  The 5-day average is +$2m, the 20-day average -$51m and the 100-day average -$36m
• Thailand: Recorded outflows of -$41m as of 2nd, outflows totaling -$12m over the past 5 days. YTD flows are negative at -$1,645m. The 5-day average is -$2m, the 20-day average of -$24m the 100-day average of -$19m.
• Malaysia: Recorded outflows of -$22m as of yesterday, with inflows totaling +$177m over the past 5 days. YTD flows are negative at -$2,601m. The 5-day average is +$35m, the 20-day average of -$13m and the 100-day average of -$31m.
• Philippines: Saw outflows of -$1m as of yesterday, with net inflows of +$37m over the past 5 days. YTD flows are negative at -$253m. The 5-day average is +$7m, the 20-day average of -$2m the 100-day average of -$4m.