The USD/CNY fix printed at 6.7967, versus a Bloomberg consensus of 6.7948.

• Today's outcome represents a +19pip surprise in USD/CNY terms. Yesterday's outcome was -71pips.
• While today's fixing error is a departure from yesterday, the general has been for stronger than expected fixes in recent weeks. Today's outcome takes the 5-day rolling sum of the fixing error to -95pips. We were at -111pips yesterday, which is not a huge change.
• In turn this may limit the market reaction. USD/CNH has stabilized somewhat, last around 6.7930/35, versus earlier session lows just under 6.7900. The reaction to the fixing outcome hasn't been significant.