CNH: USD/CNY Fixing Lower, Fixing Error Little Changed, Focus On Onshore Open
The USD/CNY fix printed at 7.0471, versus a BBG market consensus of 7.0265. This keeps the USD/CNY fixing downtrend firmly intact, with another fresh low back to late Sep 2024. The fixing error stayed elevated at +206pips, but slightly tighter than yesterday's outcome. USD/CNH is a touch lower post the fixing, last back near 7.0165, but still above Tuesday lows. Focus will now be on the onshore spot open soon (yesterday's closing level was 7.0296). Fresh downside in onshore spot may see USD/CNH gravitate towards 7.0100.
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CNH: USD/CNY Fixing Lower But Above Recent Troughs, Fixing Error Steady
The USD/CNY fix moved lower, back to 7.0847, but this is above recent lows (7.0816). The fixing error was little changed at -289pips, versus -315pips on Friday. The fixing outcome shouldn't change broader USD/CNH trends, where the bias remains to fade upticks. Downside focus will rest on a renewed test under 7.1000, but we are little changed post today's fixing (last around 7.1075, up a touch on end Friday levels). Broader USD trends are a little firmer, with the BBDXY up close to 0.10%.
MNI: CHINA PBOC CONDUCTS CNY338.7 BLN VIA 7-DAY REVERSE REPO MON
- CHINA PBOC CONDUCTS CNY338.7 BLN VIA 7-DAY REVERSE REPO MON
CHINA SETS YUAN CENTRAL PARITY AT 7.0847 MON VS 7.0875
- CHINA SETS YUAN CENTRAL PARITY AT 7.0847 MON VS 7.0875
