CNH: USD/CNY Fixing Little Changed

The USD/CNY fix printed at 7.1710 versus a BBG market consensus of 7.3010. 

• Today's fixing is slightly down from yesterday's outcome, but retains the 7.1700 handle. The fixing error printed at -1300pips, close to yesterday's outcome.
• USD/CNH is a touch higher in early Wednesday dealings, but not too far above 7.3100.
• In the G10 space, yen weakness is the main focus point, with USD/JPY rallying back above 153.30. This is leaving the CNH/JPY cross back close to the 21.00 level, unwinding a good proportion of the recent downside. 

• CHINA SETS YUAN CENTRAL PARITY AT 7.1710 WEDS VS 7.1716

Muted flows on Tuesday, with small inflows into most regions, however India continues to see outflows with a total outflow ytd of $9.5b.

• South Korea: Recorded +$84m in inflows yesterday, bringing the 5-day total to -$40m. YTD flows remain negative at -$1.40b. The 5-day average is -$8m, better than the 20-day average of -$87m but worse than the 100-day average of -$137m.
• Taiwan: Posted +$186m in inflows yesterday, bringing the 5-day total to +$1.39b. YTD flows remain negative at -$2.49b. The 5-day average is +$279m, better than the 20-day average of -$95m and the 100-day average of -$71m.
• India: Recorded -$262m in outflows yesterday, bringing the 5-day total to -$740m. YTD outflows remain significant at -$9.58b. The 5-day average is -$148m, better than the 20-day average of -$348m but worse than the 100-day average of -$186m.
• Indonesia: Posted -$29m in outflows yesterday, bringing the 5-day total to -$290m. YTD flows are negative at -$547m. The 5-day average is -$58m, worse than the 20-day average of -$19m and the 100-day average of -$15m.
• Thailand: Saw +$30m in inflows yesterday, bringing the 5-day total to +$74m. YTD flows remain negative at -$256m. The 5-day average is +$15m, better than the 20-day average of -$10m and the 100-day average of -$16m.
• Malaysia: Registered +$21m in inflows yesterday, bringing the 5-day total to -$38m. YTD flows are negative at -$740m. The 5-day average is -$8m, better than the 20-day average of -$33m but worse than the 100-day average of -$26m.
• Philippines: Recorded -$11m in outflows yesterday, bringing the 5-day total to -$3m. YTD flows remain negative at -$104m. The 5-day average is -$1m, in line with the 20-day average of -$3m and the 100-day average of -$3m.

Table 1: EM Asia Equity Flows