The USD/CNY fix printed at 6.9810, versus a Bloomberg consensus of 6.9838.

• Today's outcome represents a -28pip surprise in USD/CNY terms. This compares with yesterday's -12pip outcome.
• We have seen a slight widening in the fixing error as USD/CNH moves back above 7.00, but it remains well within recent norms. The rolling 5-day sum of the error term is back to -95pips, from -79pips yesterday.
• USD/CNH is slightly lower for the session, last close to 7.0060, despite a firmer USD tone against the majors. The pair dip spike to 7.0130 earlier though. The 20-day EMA at 7.0165 may continue to offer some resistance.